The Formula One Teams' Association could be at risk of collapse by the end of the month according to reports in the British media, with suggestions that 'substantial financial problems' could prove to be its undoing.

Set up in 2008 to allow the teams to have a better collective voice in negotiations, FOTA now only represents seven of the competing teams on the grid.

According to the Daily Telegraph, the body is now facing financial problems caused by unpaid subscription fees and has yet to agree on a mandate for its future plans without its chairman Martin Whitmarsh, who has been replaced as head of the McLaren F1 team after a tough 2013.

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Sources have now revealed that decision needs to be taken by the end of the month to determine if FOTA will continue, and if the teams currently not involved can be persuaded to return.

"I can confirm that the teams have met in discussion as to how to potentially restructure the association and continue and further the engagement with the non-members, who have benefited from FOTA activities over the last 12 months," general secretary Oliver Weingarten said.

Red Bull and Ferrari are amongst the teams not currently signed up as members of FOTA.