Bernie Ecclestone has been replaced as Formula One supremo by the sport's new owners Liberty Media and offered a new honorary role, Auto Motor und Sport magazine reported on Monday, APA reports quoting Reuters.
Contacted by Reuters, the 86-year-old Briton declined to comment on the report.
The German publication quoted him as saying: "I was deposed today. I've gone. That’s official. I am not running the company anymore. My position has been taken over by Chase Carey."
Carey, a 62-year-old American who was executive vice-chairman of Rupert Murdoch's 21st Century Fox, was appointed Formula One chairman in September and has spent the past few months familiarizing himself with the glamor sport.