By alley - Jan 23, 2017, 4:26 PM ET

Liberty completes F1 takeover, Ecclestone removal official

Liberty Media has announced the completion of its takeover of Formula 1, with Bernie Ecclestone being replaced as the sport's chief executive by Chase Carey (pictured at left, above, with Ecclestone).

Following

Ecclestone's comments earlier on Monday that he had been dismissed as CEO

, confirmation came from Liberty as it announced it has finalized the acquisition of F1 in a deal that values the sport at $8 billion. The necessary approvals for the takeover were received last week, and Liberty has immediately moved to replace Ecclestone as CEO, saying Carey takes on the role in addition to being chairman. Ecclestone has been appointed chairman emeritus, with Liberty adding he "will be available as a source of advice for the board of F1."

Ecclestone says he is "proud" of the work he has done and believes Liberty will prove to be good owners of the sport in the long-term.

"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with," Ecclestone said. "I'm very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport."

Greg Maffei, president and CEO of Liberty Media Corporation, praised Ecclestone for his work in making F1 such a profitable business.

"We are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO," Maffei said. "There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this. I'd like to thank Bernie Ecclestone, who becomes Chairman Emeritus, for his tremendous success in building this remarkable global sport."

Carey himself is looking forward to taking further control of the sport in order to help grow it in future, having spent the past four months understanding F1's strengths and weaknesses.

"I am excited to be taking on the additional role of CEO," Carey said. "F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport. We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime.

"I would like to recognize and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family. Bernie's role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved."