Sheikh Maktoum departed in 2006 as part of a major financial restructuring that was supposed to help the company prepare for a float on the London Stock Exchange, with hedge fund RAB Capital acquiring a majority stake. Chief executive Philip Richards was reported to have spent $150m on an 80 per cent share in the championship, using money from the company's Special Situations arm, but various write-downs in the period since are believed to have reduced the value of the stake to almost nothing. Richards was duly removed from the company in 2008.

While it remains unclear what will happen to the 40 employees at the British-based A1GP arm - it is rumoured that they could be 're-employed through another vehicle' in the next few days - series chief Teixeira remains bullish about the future.

"We are well advanced with all our season five contracts and, for those we have yet to make public, have plans to announce them with events in the specific countries," he said at the unveiling of the first couple of events on the 2009-10 calendar last week, "Our plans for season five include some very exciting new venues that I can assure the teams and the fans will be very popular. While, at the moment, we have submitted a ten-race calendar, I am hopeful of adding one or two more dates in the coming months."

The claims follow a similarly optimistic outlook proffered on the eve of Brands Hatch's season four finale in May.

"The great thing is that we have restructured the series," Teixeira revealed at the time, "Next season, we will be much fitter financially, leaner and with some great sponsors earning value. Our Ferrari link-up with their cars has been fantastic and, next season, we will have twelve races, eight of them paying fees – our best ever."

The latest revelations, however, must cast doubt on the future.