Bernie Ecclestone has been dismissed as F1 CEO

©BestImage

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.

Formula One Group initiates board shake-up

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.

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.