Bernie Ecclestone has publicly admitted that Formula One teams are free to pursue a breakaway series separate from the govering body of FIA.
Following the FIA's endorsement of Max Mosley as its president, rumors have persisted that the current F1 teams are prepared to set up their own championship as a way to distance themselves from the scandal which has enveloped Mosley.
While Ecclestone has been cautious in supporting a breakaway series, he says that is being done to placate the sponsors.
"What the FIA doesn't have, which is the most important thing for them, is an agreement with the teams which they would have with a Concorde Agreement," Ecclestone tells The Times newspaper.
"At the moment what we are trying to do, to keep sponsors happy, is say we can't break away, but it could well be that that will happen."
Ecclestone points out that the teams have signed an agreement with Formula One Management, the company he runs and helps administer the commercial side of the sport.
Prior to the vote earlier this month, Mosley stated that Formula One was heading towards a crisis situation, claiming that Ecclestone and the teams were seeking total control of the sport. Ecclestone claims it is Mosley who is seeking to involve FIA in the financial affairs of F1, something he points out is prohibited under current EU legislation.
"Max has nothing to do with finance," he said. "The FIA has a clear, clear, clear agreement and signed agreement with the European Commission that they are the regulators of the sport. They are not anything to do with money. If Max comes back and says we should give more money to teams, I will tell him to mind his own bloody business."
Ecclestone says despite the vote supporting Mosley, he believes the commercial side of F1 continues to suffer as corporations and potential sponsors re-evaluate where they spend their money.