Ecclestone: Going, going, but not yet gone!

The idea that he is a mere mortal just like the rest of us has finally sunk in to Bernie Ecclestone's mind.

The takeover of Formula 1 by Liberty Media will undoubtedly usher in a new era for the sport, with a management shake-up at the helm the immediate first effect.

Whether executive changes will prolong part of Ecclestone's control and power or finally leave the 87-year-old in the passenger seat is anybody's guess, even Bernie's.

"We will have to see how we set the company up," Ecclestone told Press Association Sport when asked if he will continue as CEO.

"It is not a case of my terms, it is a case of let's have a look and see which way they would like to go.

"It is something that would have happened anyway. We need to put something together if I am not here because I have become deceased or something and it is about time we did that.

"We were in the middle [of that] and when we knew these people were probably going to buy we backed off and thought 'let's wait because they own the company and it is up to them to decide who or what they want'."

Former ESPN exec lined up to replace Ecclestone

Initially, Ecclestone was expected to remain in power for three years, with the new owner's blessing, as a transition would certainly be necessary in order to get to grips with the complexities of the business and the tight knit relationships forged by Mr E over the years.

"That is what they asked for," Ecclestone added.

"In fact we are going to try to put together people that can look after all the things I have been trying to find people to do, which is the sponsorship and things like that.

"As I said, let's see how we are going to operate."

GALLERY: F1 drivers' wives and girlfriends

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.