Last updated on .From the section Formula 1

Bernie Ecclestone's involvement in F1 dates back to the 1950s

Formula 1 boss Bernie Ecclestone says he has been asked to stay on for three years, on the day a takeover of the sport was agreed by Liberty Media.

The US-based company has agreed a deal to take control of F1 from private equity group CVC Capital Partners.

It said Ecclestone will remain as chief executive but Chase Carey, vice-chairman of 21st Century Fox, will become the new chairman.

F1 commercial supremo Ecclestone, 85, has run the sport for 40 years.

"They want me to be here for three years," he told Reuters news agency on Wednesday.

Ecclestone said he will now miss the Singapore Grand Prix on 18 September as he needs to be in London for negotiations.

"Because all this is going through, they (CVC) want me to be there to help them with all sorts of things. I can't afford to be away for five to six days," Ecclestone added.

An F1 board meeting is scheduled for 13 September.

Analysis

Andrew Benson, BBC Sport chief F1 writer:

So Bernie Ecclestone says the new owners of Formula 1 want him to stay involved for three more years. But what does this mean?

It's a classic Ecclestone quote - it says something, but only raises further questions. Which he doesn't answer.

Will he accept? What role will he have? How will things operate in the future? Perhaps in this case that's because he can't. At least not yet.

Ecclestone said he would be happy to work with the new chairman, US businessman Chase Carey. But he has operated as pretty much a one-man band for 40-odd years.

And what if he does not like what Liberty propose? After all, he told the Times external-link only on Tuesday that he would "say adios" if the new owners stuck their noses in and he did not like it.

Much has yet to be decided in this saga before the future of F1 becomes clear.