The new owners of Formula 1 will relocate from Bernie Ecclestone's current London offices, said CEO Formula One Group Chase Carey.

The historic headquarters of Formula 1, located in the very high-end Knightsbridge at Princes Gate, are simply not big enough to accommodate the company as it seeks to transform Grand Prix racing.

"We will not be able to run the business from Bernie's offices, they are too small," said Carey.

"There isn't even room there for me now. We will find somewhere else. I am living here most of the time in an apartment in central London, and Formula One will still be based in the United Kingdom."

Bernie Ecclestone lives in a modestly-sized penthouse above F1's offices at Princes Gate, a convenient location for him to get to work.

Whether he will choose to remain there, given his sudden retiree status, is uncertain.

True to his working class origins, Bernie still has milk delivered to his doorstep every day.

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