Bernie Ecclestone, the man who shaped modern Formula 1, and drove it pretty much single handed for 40 years, has been replaced.

Liberty Media completed its $8bn takeover of the sport last week and wasted no time in appointing its own man, Chase Carey, as Chairman.

The American told BBC Sport that while he has “tremendous respect” for Ecclestone, F1 needs to be run differently than it has been “for the last four or five years”.

While Liberty will demand similar returns to those achieved under Ecclestone’s hugely lucrative tenure, the company has stressed its commitment to the classic circuits, Silverstone included. Something his predecessor stopped uncomfortably short of.

Other changes motor racing fans, teams and shareholders can expect to see include a greater promotion of F1 itself, its participants and individual events to a new audience, with an onus on social media.

“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 over time.”

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