Formula One commercial rights holder Bernie Ecclestone’s 40 years at the top for the sport is set to end next week, Paddock Eye understands.

The new owners of the sport, Liberty Media have had the purchase approved at board level and also by Formula One’s governing the body the FIA. Chase Carey, the new chairman of Formula One has unveiled plans that would Formula One teams to buy shares in sport, something that teams have been looking for over a number of years.

Sky News reported on Friday night that Mr Ecclestone has been offered a less hands on role within the sport.

Liberty Media are looking to completely overhaul the commercial side of the sport. It is also believed that under the new ownership teams will be in position to elect a senior member to the board of Formula One’s new board of management.

In recent months Formula One has had an increased American involvement with McLaren appointing marketing specialist Zak Brown as Executive Director while the sport has new US owners.

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