Former F1 boss Bernie Ecclestone quashes rival series rumours

Former Formula One boss Bernie Ecclestone has quashed rumours circulating about him planning to create a rival competition after losing his position as the sport's chief executive, saying it would be the "last thing" he would do to damage the championship he built.

Breaking a long silence, the 86-year-old Briton said he wished to clear up rumours that spread after he was replaced at the helm by American Chase Carey.

Reports emerged that Ecclestone could promote a breakaway series.

However, issuing a statement, Ecclestone said, "I wish to clear up the rumours that I am starting a series to compete against the FIA Formula One World Championship."

"I have built the championship over the last near 50 years, which is something I am proud of, and the last thing I want, is to see it damaged," Sport24 quoted Ecclestone as saying.

"The new owner of the company will be able to carry out the administration of the company in a different way to the way I had, which was to produce financial results for the shareholders, the normal actions of a chief executive," he added.

The 86-year-old further said he was very touched by the support he received from the people that he dealt with over the years.

"I am very touched by the support and thanks that I have received from the people that I have dealt with over the years," he said.

It is speculated that Liberty's acquisition of Formula One could see significant changes to the sport's image. The new season gets under way in Melbourne on March 26.