Bernie Ecclestone has confirmed he is no longer the chief executive of Formula One after almost 40 years in charge.
He is quoted by Auto Motor Sport as saying he "no longer runs the company".
Ecclestone has held a role at the top of the sport for around forty years and claims he's been offered the role of honorary president instead.
New owners Liberty Media have confirmed that he has been replaced.
"I was deposed today," Auto Motor Sport quote the 86 year old as saying.
"I am simply gone. It's official. I am no longer the leader of the company. My position has been taken by Chase Carey.
"My new position is one of those American terms. It's something like an honorary president.
"I have this title now, even though I don't know what it means."
The development follows mounting speculation regarding the long term ownership of Formula 1.
A change in ownership of Formula 1 moved one step closer last Tuesday, with the news that Liberty Media's shareholders voted in favour of the proposed takeover.
Liberty Media, which own Virgin Media and TV3 in Ireland, currently own a 19% stake in Formula 1, but last week's decision makes a majority shareholding all but certain.
It had been reported that Ecclestone would individually earn almost €1billion from the sale.
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