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Formula 1's new CEO Chase Carey says the championship's lack of growth in the last five years prompted Liberty Media's decision to install new management.

Liberty completed its takeover of F1 on Monday evening, with Bernie Ecclestone ousted as CEO with immediate effect.

Former Mercedes team principal Ross Brawn and former ESPN man Sean Bratches have been brought in with sporting and commercial roles respectively, which Carey says is aimed at rejuvenating F1 after a relatively stagnant period.

"We felt that really particularly over the past four or five years the business had not grown, the sport had not grown, to its full potential," Carey told Sky Sports News in his first interview as boss.

"We needed to put a new organisation in place to be able to grow the sport in today's world in the way it needs to grow, and work with the partners we have in the business to make sure we can make the sport everything it can and should be for its fans.

"I think both Sean and Ross will have critically important roles in developing the sport overall."

Carey says his new colleagues in F1 management bring different strengths to the table for Liberty, particularly Brawn on the sporting side.

"It's a great sport today. The drivers are iconic stars, its cars combine power and technology in a way that truly amazes people," he said.

"But we need to continue to improve the sport on the track.

"And Ross understands as much as anybody how the sport works.

"His real focus is how do we make the sport on the track everything it can and should be."

RESPECT FOR ECCLESTONE 'SINCERE'

Carey says his appreciation of his predecessor Ecclestone is "sincere".

Ecclestone has been given the chairman emeritus title, which he announced before Liberty's confirmation, but he will have no hands-on involvement.

"Let me be clear, that respect was sincere," Carey said.

"Bernie deserves enormous credit for the business that's 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.

"He has unique insights into the business, he understands it probably better than anybody else, and I think his advice will be invaluable.

"He's been helpful to me to date, I look forward to his advice as we go forward."

Carey acknowledged the 86-year-old may struggle to adjust to his new position.

"Bernie has run this business for the majority of his adult life," he said.

"I certainly understand that change is going to be difficult for him, and create challenges for him.

"He'll always be part of the F1 family, he'll always be welcome, and I want to try and make this something that he can continue to feel part of."