The man who replaced Bernie Ecclestone at the top of Formula One says he hopes his predecessor can still contribute to the sport as an advisor.
Chase Carey was named as F1's new CEO following the completion of Liberty Media's takeover of the sport on Monday. He will be joined in a revised management structure by former F1 team boss Ross Brawn on the sporting side and ex-ESPN sales and marketing executive Sean Bratches on the commercial side.
Former CEO Ecclestone was named as F1's new chairman emeritus in Liberty's statement, a job title he referred to as "one of those American terms" when breaking the news to a German publication ahead of the official press release. But Carey hopes Ecclestone will continue in an advisory role and underlined the level of respect he has for his predecessor.
"Let me be clear, that respect was sincere," he told Sky Sports. "Bernie deserves enormous credit for the business that has been built over the last number of decades, and realistically it just got sold for $8 billion. That is the ultimate proof of what he created and that's there for all to see.
"He has unique insights into the business and probably understands it better than anyone else and I think his advice will be invaluable. He's been helpful to me to date and I look forward to his advice as we go forward.
"Bernie has run this business of the majority of his adult life. When he's run it for the period that he has run it, I certainly understand that change is going to be difficult for him and create challenges for him. But hopefully we will find a way that is going to be rewarding for him and I want him to feel good about it.
"He will always be part of the Formula One family and will always be welcome and I want to try and make this something that he will continue to feel a part of. But it's a big change for him and I understand that."
Liberty has mapped out plans to grow F1's revenues by expanding in digital markets to benefit broadcast deals as well as hosting more races and boosting the sport's popularity in the USA. In order to achieve those goals, Carey said it was necessary to change the management structure.
"As we looked at the business, [we felt] that particularly over the last four to five years the business and the sport had not grown to its full potential. We felt we needed to put a new organisation in place that was really able to grow the sport in today's world in the way it needs to grow. And in some ways, work with the partners that we have in the business to make sure we make the sport everything it can and should be for the fans."