German website Auto, Motor und Sport is reporting that 86-year-old Bernie Ecclestone was dismissed on Monday as the CEO of Formula 1.
While an official confirmation has yet to be released, the news follows a logical paper trail.
Reports have been gathering steam lately over the impending exit of the man who steered Grand Prix racing for over four decades and built the sport into a financial powerhouse.
Auto, Motor und Sport spoke with Ecclestone on Monday who confirmed the news from his office at Princes Gate.
"I do not run the company anymore," Ecclestone said.
"I am simply gone. I was deposed today, this is official. My position has been taken over by Chase Carey."
Carey would therefore take on the roles of both chairman and CEO of the Formula One Group.
As speculated, Ecclestone was offered an honorary post of president, although it's unclear what the job description may entail, if anything.
"My new position is one of those American expressions. A kind of honorary president. I have this title without knowing what it really means," Ecclestone said.
It is believed that Ecclestone will continue to reside at Princes Gate, but dealings with race organizers and TV stations will be made by others in the future.
The Formula One Group is allegedly in the process of building up a team to take over the former supremo's responsibilities.
Former ESPN executive Sean Bratches has been approached for a senior executive role while Ross Brawn could be lined up to steer F1's future on the sporting side.
"My days in the office are getting a bit calmer now," Ecclestone concluded.
"Maybe I'll come to a Grand Prix. I still have lot of friends in Formula 1. And I still have enough money to visit to a race. "
And even enough money to visit two, Bernie.
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