Enlarge / Chase Carey (center) is the new CEO of Formula 1. Bernie Ecclestone (right) made the sport what it is today, but he’s in charge no more. (credit: Getty Images | Lars Baron)

In September 2016, news emerged that Formula 1 was changing hands, with a proposed sale from CVC Capital Partners to Liberty Media. Despite a couple of hurdles—including the sport’s regulator standing to make a hefty profit from the sale—everything looks to have sailed through without a hitch. On Monday we learned that the sale was final and that the new owners have made an immediate change, for Bernie Ecclestone will no longer run the show.

We’ve known since last year that Chase Carey would be Chairman, with Ecclestone staying on as CEO for the near term. Evidently near-term meant four months, because as of Monday, Carey is the CEO. Ecclestone has been made Chairman Emeritus, and according to a press statement will “be available as a source of advice for the board of F1.”

That advice comes from decades of experience, for Ecclestone is the man behind F1’s commercial success. He consolidated the broadcast rights from individual races, negotiating on behalf of the other teams. Bit by bit, he took charge of everything, turning the F1 Grand Prix into the well-oiled machine it is today. The FIA was still the sport’s organizing body and would still set the rules, but it gave Ecclestone the commercial rights. Tracks would pay to host a race and could keep any profits from ticket sales. But the rest—all that trackside advertising included—would go through his companies.