Bernie Ecclestone has lost day-to-day control of the commercial side of Formula 1, bringing his remarkable spell in charge of the sport to an end.

With Liberty Media set to become the majority shareholder in F1 when it closes a deal to acquire 100% of Delta Topco – F1's holding company – this month, Ecclestone's position had been thrown into doubt. Originally, the 86-year-old claimed he had been asked to continue in his role for another three years by Liberty, but it is now understood the new owners want to put their own management structure in place, ousting Ecclestone.

Following approval from the FIA for Liberty to complete its takeover, Ecclestone admitted he did not know if he would remain in place to look after the commercial side of the sport, but on Monday he told Auto Motor und Sport that he was out, effective immediately.

"I was dismissed today," he told AMUS. "I am simply gone. It's official. I am no longer the leader of the company. My position has been taken by Chase Carey.

"My new position is one of those American terms. It's something like an honorary president. I have this title now, even though I don't know what it means."

Ecclestone said he still expects to appear at grands prix in an unofficial capacity.

"I still have many friends in Formula 1. And I still have enough money to afford to attend a race," he said, although he told AMUS he does not expect to retain his seat on the World Motor Sport Council.

"I doubt it," he said. "First of all, I have to talk to [FIA president] Jean Todt about this."

Carey is Liberty's newly appointed F1 chairman. However, according to recent reports, Liberty has lined up former ESPN executive Sean Bratches to oversee the commercial side of Formula 1, replacing Ecclestone.