F1: Parr warns "this is the last year of F1 as we know it"

Related Stories

Former Williams team chairman Adam Parr (LEFT) caused a stir after the Italian Grand Prix by posting on Twitter, "This is the last year of F1 as we know it. In 2015 eight teams will contest the championship, with several teams entering three cars."

For Parr's prediction to come true, three of the current teams would have to not answer the bell in 2015, although Parr – who has not been directly involved in F1 since leaving Williams in 2012, although he is a board member at Cosworth – didn't name the teams he thinks will be leaving.

Both the Caterham and Marussia teams have been rotating drivers as amid financial issues, while Sauber has also been rumored to be up for sale as it has struggled through a dismally uncompetitive season and Lotus continues to be dogged by questions about its finances.

Fernandes said he had entered F1 in 2010 under the assumption that former FIA President Max Mosley's proposal for a $40m budget cap would be implemented. "I don't want to say how much we ended up spending beyond the cap Max talked of, but it was a lot," he added. "So you've got to put your hands up and say, 'We're beat. It doesn't make sense any more.'"