FIA President, Max Mosley, remains convinced that there will be no breakaway in 2008, despite threats from a number of F1 teams that they are seriously considering plans being put forward by the five manufacturers - BMW; DaimlerChrysler, Honda, Renault and Toyota - that have formed the Grand Prix Manufacturers' Association.

Speaking at a press conference in Shanghai, Mosley said: "It would involve a huge financial input. I can't see where that would come from.

"We have a significant number of teams already committed or on the verge of committing," he added, referring to Ferrari, Jordan (Midland F1) and the two Red Bull teams, "I think it's unlikely that there will be a sufficient number of competitors to make it work.

"When you look at an event like the Olympics for example, there are many athletic meetings around the world involving a similar kind of activity," he continued, "but there is only one true Olympic Games. The same applies for Formula One. So in a nutshell, I don't think it will happen.

"We are going through an interesting time in Formula One with many changes underway. Whilst there is a certain amount of dissent amongst some teams, change is essential, costs have reached a point where it's no longer sustainable."