“I think with the departure of Honda, everybody was shocked by that, everyone was aware of the difficulties that the manufacturers were going through and the general economic crisis, and there was a lot of reaction at the end of last year and early this year, both from the teams and from the governing body. I think some of that reaction from all sides, possibly, was outside of the principles which followed before.

“If there hadn't been an economic crisis all of this wouldn't have happened, and the fact that the Concorde Agreement wasn't there exposed the situation in this way. Everything coming together at a certain time has created this situation – and we need to learn from it.

“I think there are still the opportunities this week to resolve the issues, and if the issues are resolved then we would be happy to enter. I hope it will be resolved this week – although I'm not sure it will mean we are out of business by the end of the week. I don't think it's at that level.”