How has it come to this?

We’ve reached a watershed moment in the row between the teams and the governing body, the FIA, and to some extent Bernie Ecclestone, the commercial rights holder, over the future of F1. The announcement of a breakaway is the sign that the teams have reached the end of their tether. On the face of it, the row is about budget-capping and how much teams can spend. The underlying issue is the government of the sport under Max Mosley, which has become a real problem for the teams. They resent his dictatorial style and frequent changing of the rules.

Could a breakaway league really happen?

That’s the several billion dollar question. My guess is that though we seem to have reached F1’s “Armageddon moment” we are still in a negotiation process. This is a very big gesture by the teams but also an attempt to force Mosley and Ecclestone to not just listen but to accede to their demands. It wouldn’t surprise me if several weeks down the line a compromise was reached. Everyone in the sport is aware that splits are almost always disastrous because you’re left with two weaker parts from one strong whole. Ross Brawn, the owner of Brawn GP, said today that he still hopes a compromise is achievable. If someone like him is still saying that, then we have to think that a compromise agreement is a strong possibility.

Wouldn’t creating a new championship be tricky?

Despite the teams’ confidence they can put one together, one has to ask, how easy is it going to be? There are huge, complex, legal issues that would have to be addressed. We already know that Bernie Ecclestone has threatened to sue Ferrari if they try to leave F1. That alone could be a hugely distracting and energy-consuming process. But there are eight teams involved that have most of the very best drivers, on that score the fans are certainly going to be very interested in whatever show they put on.

With Ecclestone holding agreements with existing F1 circuits, where would the new championship stage races?

There are plenty of other circuits around the world that would love to stage F1. I’m talking to you from one at the moment – Silverstone, which is holding its final British Grand Prix this year. There are places such as South Africa, Canada, the United States, Italy and France – plenty of tracks. More difficult would be sorting out the sponsorship and television broadcasting deals that are critical.

How will the FIA respond to this challenge?

Their normal style in public at least is to be bullish and unmoving and carry on as if nothing has changed. One imagines that behind the scenes a feverish process of talks to try and find a solution is going on.

Could this row spell the end for Mosley?

No, I don’t think so. Mosley is like a mollusc on a rock, very difficult to move. I see some kind of solution where everyone can modify their positions and say that they’ve won – including Mosley.