Red Bull Racing team principal Christian Horner says the future of Formula 1 is now in the hands of the FIA, following the Formula One Teams' Association's decision to start up a rival series.
Horner, who was one of eight team chiefs to commit his signature to the new breakaway championship, said the teams had gone as far as they could before finally being forced to take this decision.
Asked if he thought that the events of the past 24 hours signalled the end of F1, Horner replied: "Perhaps, but being the eternal optimist, never say never.
"But the teams feel they have gone a long, long way and it's unfortunate we find ourselves in this situation.
"It's really now in the hands of the FIA."
Horner said that the FIA's imposed deadline of today for the teams to drop the conditions on their entry for the 2010 F1 world championship had left them with no alternative but to act in the manner they have.
"There have been efforts to try and find a solution, but unfortunately that hasn't been achieved in the timeframe," he said. "The positions have hardened on both sides.
"The teams feel they have gone as far as they can, and the FIA feel they have gone as as as they can, and we've ended up in a situation where a solution hasn't been found."
Asked if he really believed a breakaway series would take place if FIA president Max Mosley did not soften his stance, Horner said: "We've no alternative because if we can't race in Formula 1 under the current rules, if you want to keep competing then you've got to look at something else."
Horner also believes that the contracts binding Red Bull Racing and Ferrari to Formula 1 until 2012 may no longer be valid.
"Agreements are private and confidential between the parties, but we do have an agreement similar to Ferrari," he said. "That also relies on rules being introduced in a certain way which hasn't been the case.
"The bottom line is Red Bull want to race against the best teams and best competitors in the world, and the thought of not being in a championship where Ferrari, McLaren, Renault and others, the big major teams, is unattractive to us with all due respect to teams we have never heard of before."