Bernie Ecclestone has lost his position as the CEO of the Formula One Group and been replaced by Chase Carey.
The 86-year-old says he has been offered the title of honorary president, but has acknowledged that he does not know what his role will be.
"I was deposed today," he told Auto Motor und Sport. "I am simply gone. It's official. I am no longer the leader of the company. My position has been taken by Chase Carey.
"My new position is one of those American terms. It's something like an honorary president.
"I have this title now, even though I don't know what it means."
Asked about his future he said: "My days in the office will be getting quieter now. Maybe I will attend a grand prix sometime in the future.
"I still have many friends in Formula 1. And I still have enough money to afford to attend a race."
Ecclestone doesn't expect to retain his seat on the World Motor Sport Council.
"I doubt it," he said. "First of all, I have to talk to [FIA president] Jean Todt about this."
Read the full story at Formula 1 news - Autosport
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