Formula 1's new owners will begin management changes at the helm of the sport next week, starting with a complete shake-up of its board of directors.

According to Sky Sports, all of the existing board members of F1's parent company will be replaced, with the exception of former chairman Peter Brabeck-Letmathe.

Prominent figures such as WPP's Sir Martin Sorrell, former Unilever CFO Jean-Marc Huet and former Exxon Mobil Asia boss Chong Seng Kwa will no longer have any involvement with the sport's new commercials rights holder.

CVC Capital Partner's Donald Mackenzie, who spearheaded the private equity company's lucrative investment in F1 in 2005, will remain a company director along with Sean Mahoney, a trustee for the Lehman Brothers estate.

Current CEO Bernie Ecclestone is expected to be offered a position as honorary president although it is uncertain whether the man who captained Formula 1's extraordinary rise around the globe would accept the symbolic and passive role.

It emerged last week that former ESPN executive Sean Bratches had been approached by Liberty Media to oversee the sport's commercial affairs while Ross Brawn is under consideration for a key role associated with the sporting side of the business.

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