Bernie Ecclestone's rule over Formula One may have come to an end but the man who has replaced him says the 86-year-old still has a role to play.

Ecclestone's lengthy stint at the top of the sport ended on Monday as Liberty Media announced the completion of their $8billion take over, with Chase Carey confirmed as F1's new chief executive.

The deposed supremo announced his departure before Liberty Media's own statement, the new owners expressing their desire to keep Ecclestone involved.

And Carey reiterated those feelings on Tuesday, saying he was keen to use Ecclestone's experience and knowledge of the sport to help it go from strength to strength.

"I am excited about the future, there is a lot I want to do and I am looking forward to getting on with it," the American told Sky Sports News.

"Let me be clear, that respect [for Ecclestone] was sincere. Bernie deserves enormous credit for the business that has been built over the last number of decades and realistically it just got sold for $8billion, so the ultimate proof in the value he created is there for all to see

"But he has unique insights in the business, he understands it probably better than anyone else, his advice will be invaluable. He has been helpful to me to date and I look forward to his advice as we go forward.

"Bernie has run this business the majority of his adult life. When he's run it for the period he's run it I certainly understand that the change is going to be difficult for him and create challenges for him. 

"Hopefully we'll find a way that it continues to be rewarding for him. I want him to feel good about it. He will always be part of the Formula One family, he will always be welcome, and I want to try and make this something he can continue to feel part of."

As well as Carey's appointment, Liberty Media also confirmed former team boss Ross Brawn as managing director, motor sports and he is expected to have a huge role in developing F1 on the track.

Carey added: "Liberty felt that over four or five years the sport had not grown to its full potential, they have put a new organisation in place that is able to grow sport in today's world, and work with the partners we have to make sport everything it can and should be for its fans.

"Ross brings decades long experience of success in the sport. What we want to do is make sure the sport on the track is everything it can be – exciting on track and energising for fans.

"It is a brand that has fans around the world, we need to continue to improve on the track, and Ross understands more than anybody how it works."