Bernie Ecclestone asked to stay in F1 for another three years

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Bernie Ecclestone says he has been asked to stay in Formula One for three more years once a takeover deal involving Liberty Media is complete.

The first part of a deal valued at $8.5 billion is expected to go through in the coming week, seeing CVC Capital sell part of its controlling stake in the sport to Liberty Media. Reuters reports that a Formula One board meeting is scheduled for Tuesday next week to introduce Chase Carey, the executive vice-chairman of Rupert Murdoch's 21st Century Fox, as the F1's chairman.

However, 85-year-old Ecclestone, who is currently F1's CEO, says he will be kept on by the new owners.

"They want me to be here for three years," he told Reuters.

Ecclestone revealed he would not fly to next weekend's Singapore Grand Prix in order to make sure the deal is finalised.

"Because all this is going through, they [CVC] want me to be there [in London] to help them with all sorts of things. I can't afford to be away for five to six days."

Since news broke of Liberty Media's takeover plan, there has been intense speculation about the changes the American media giant could make to the sport. Ecclestone says Carey is likely to take control of a number of aspects that have arguably been neglected by F1's current owners.

"He [Carey] can do lots of things that I haven't done with this social media, which he seems to be in touch with. He's been dealing with sponsorship with his TV people. Between us we'll get on with it."