Bernie Ecclestone’s 40-year supremacy in Formula One looked to be at an end on Wednesday night as the International Automobile Federation (FIA) unanimously approved the sale of the sport’s commercial rights to Liberty Media.

Liberty, the US conglomerate, are expected to complete their takeover in time for the season-opening Australian Grand Prix in March and to begin sidelining Ecclestone from power. Chase Carey, the 21st Century Fox vice-chairman who has been named as F1 chairman, is expected to appoint an executive in coming days to take charge of marketing, sponsorship and media rights deals. Sean Bratches, a key figure in the rise of TV sports giant ESPN, has been linked to the role.

The FIA argued that Liberty, which is acquiring a controlling stake from investment group CVC Capital Partners, would “ensure the continued success and development” of F1. Carey is considering the expansion of the schedule from 20 races a year to 25 – with grands prix in Miami, Las Vegas and Los Angeles, to exploit Liberty’s contacts in those markets and create “destination events” – and to give each one Super Bowl levels of promotion.

Liberty has also expressed a desire to safeguard F1’s historic European races, not least the British Grand Prix at Silverstone, to expand in Latin American beyond Mexico and Brazil, and to attract a younger audience through digital channels in which Ecclestone has shown negligible interest.