Formula 1 supremo Bernie Ecclestone says he has been asked to stay at the helm of grand prix racing for another three years, by incoming shareholders Liberty Media.

Ecclestone's future as F1's commercial chief has been subject to great speculation in recent days as the sport closes in on the completion of a takeover of CVC's shares by the American entertainment company.

Liberty Media is believed to be in the final stages of signing off an $8.5 billion two-stage purchase of CVC's stake, with an announcement expected ahead of the Singapore Grand Prix.

Although American Chase Carey is expected to take over as chairman of F1's board, Ecclestone told Reuters on Wednesday that he would remain a part of the organisation too.

"They want me to be here for three years," said Ecclestone.

Although there had been suggestions the deal would get confirmed this week, it is possible an announcement will wait until a meeting of F1's board next week, when Carey is expected to be appointed.

Ecclestone himself said he was unsure of the timing.

"Honestly, I don't think anybody knows -- including our friends from Liberty, and Donald [Mackenzie of CVC]," added Ecclestone, who said the negotiations would keep him away from next week's Singapore Grand Prix.

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

Social media answer

The arrival of an American media organisation to run F1 has been welcomed in many quarters, and Ecclestone also believed that having Carey on board would be good for expanding the sport's presence on social media.

"He (Carey) can do lots of things that I haven't done with this social media, which he seems to be in touch with.

"He's been dealing with sponsorship with his TV people. Between us we'll get on with it," he said.


Gallery: Ecclestone asked to stay three years if $8.5 billion F1 sale happens