European Union investigators could "rip up" £560 million ($879 million, 714 million euros) worth of Formula One contracts, ex-FIA president Max Mosley warned in a British newspaper interview published on Wednesday.
Four F1 teams -- Force India, Lotus, Sauber and Marussia -- have been urged to make legal submissions to the EU's competition commission over unequal wealth distribution in the sport.
Mosley has reportedly been identified by industry insiders as a potential arbitrator who could head off the EU probe, but although he played down the reports, he warned that the sport faced a grave threat.
"If the EU come in, they can rip the whole thing up," the 74-year-old former head of world governing body the FIA told The Times.
"I am flattered by the idea that I could be involved. I am out of touch, but I would do anything I could to help if all of the relevant parties agreed."
EU investigators would be expected to probe how the £560 million distributed among teams by CVC Capital Partners, the private equity employers of F1 chief executive Bernie Ecclestone, is shared out.
The bulk of the money currently goes to the biggest teams in the sport, namely Mercedes, Red Bull, Ferrari, McLaren and Williams.
Marussia folded last month. Caterham missed two races of the 2014 season after going into administration, but have been given special dispensation to continue racing next year if they can find a buyer.
Speaking last month, Ecclestone rejected allegations that the sport was in crisis.
"People say F1 is in crisis," he said. "Absolute nonsense. We've had a couple of teams in crisis. People come and go -- they need to know how much is coming in and how much is going out."
Source: AFP
