Formula One's head, Bernie Ecclestone, has been forced to relinquish his leadership role in the series. His successor expects changes soon.

As reported by Carscoops, F1 has been officially bought over by Liberty Media Corporation and Delta Topco in a deal worth S$11.35 million. As part of the deal, Chase Carey has been appointed as Chief Executive Officer and chairman of F1 while Ecclestone has been appointed as Chairman emeritus, an honorary position given to the former F1 head.

After the deal went through, Carey said, “I am excited to be taking on the additional role of CEO. 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.”

Liberty Media Group is expected to be renamed as the Formula One Group and begin trading under the FWON ticker symbol.