Ross Brawn thinks that the key to a successful flotation of Formula 1 still depends on the future role of the FIA.
F1 owners CVC have sold a $1.6 billion stake ahead of a planned $3 billion IPO, and Brawn believes the future path for the sport is not as clear cut as some are making out.
Brawn's own team Mercedes has yet to agree commercial terms with CVC and F1 supremo Bernie Ecclestone for a new Concorde Agreement - and there has been speculation the German car manufacturer could even go to court in protest at favourable terms being offered to other teams.
Speaking in Monaco on Wednesday about the future ownership situation of F1, in light of the CVC developments, Brawn said: "I think we have got a long way to go before we arrive at the final solutions. I think what has to be factored in to all of that is what role the FIA play in the future, and their involvement in the sport.
"They have been quite quiet so far but they will have an involvement, and I am reasonably confident that we will find sensible solutions in the future. I don't think things are closed yet."
Brawn suggests that F1 should look hard at what can be improved to make it even more successful in the future.
"The sport can only survive it is has the lifeblood," he said. "Whatever we have had so far, which has perhaps not been the perfect solution, has been enough to sustain and maintain F1 in reasonable shape.
"It can always be better; it could also be a lot worse. So, I think whatever the weaknesses of what we have had so far, it has worked. I think there will need to be solutions found that make it work, and I think we have still got quite a long way to go."
Brawn drew short, however, of speaking about the latest developments regarding Mercedes' own discussions with Ecclestone over a new Concorde Agreement.
"It is still something we cannot comment on, so I cannot really add anything to what was said previously I am afraid."
When asked if he felt Mercedes' own contribution to the sport was being undervalued: "We are very proud of our history and we are proud of our heritage, and we feel it is important to the sport. People have different opinions on it. But it is all part of the delicate discussions that are going on."