Formula One chief executive Bernie Ecclestone arrives in court in Munich April 24, 2014. [Photo/Agencies]

The 86-year-old who has run the sport for nearly 40 years has been 'deposed' as F1's head and reappointed as chairman emeritus to advise the new board.

American businessman Chase Carey is taking over as chief executive of the sport in addition to his existing role as chairman. Carey has previously held high level executive positions at Rupert Murdoch's 21st Century Fox.

Ex-engineer and F1 team boss Ross Brawn has been appointed to oversee the technical side of the sport and former ESPN executive Sean Bratches will handle commercial matters.

Brawn was technical director at Ferrari during all seven of Michael Schumacher's F1 world titles, before winning the championship as team leader of Brawn F1 in 2009. Brawn also laid the foundation for the now dominant Mercedes team before leaving the sport in 2013.

Both Bratches and Brawn will report to Carey, who said: "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."