London – Bernie Ecclestone can still play an important role in Formula One's new era despite being ousted as supremo, chief executive Chase Carey said on Tuesday.
Ecclestone, 86, was appointed "Emeritus Chairman" on Monday after US cable TV magnate John Malone's Liberty Media completed a takeover of the sport and appointed existing F1 chairman Carey in his place.
The British billionaire, who has ruled the sport for 40 years, told Germany's Auto, Motor and Sport that he was unsure what the new title really meant.
Carey recognised it was 'undefined' but said it was not an empty accolade.
"Bernie could be truly helpful to me and the board in the leadership of the business and provide invaluable advice," the American told Reuters.
"Part of the title is giving him the respect we felt he was due, the decades he spent leading it. But there’s no question, Bernie can provide invaluable advice and help how we take the business forward and we look forward to that and hope he does."
Carey recognised that scenario might be tough for someone used to operating on his own terms and with a famous reluctance to delegate.
"He’s been in a role for most of his adult life, running it, so I’m not naive about the difficulties in giving up the role and taking this new undefined role," he said.
"But I would truly hope I can look to his advice and help as we go forward."
There was, however, no doubt about who would be in charge from now on.
"I am running the show," said Carey.