Prince Albert: F1 can't lose Ferrari

Amid continued uncertainty about the future of leading outfits because of the row over budget caps in F1, Prince Albert has conceded that events like the Monaco Grand Prix are dependent on having well known teams on board.

Speaking to the BBC about what Monaco would do in the event of a breakaway championship led by Ferrari, Prince Albert said: "It's hard to go against the governing body of the sport but you want to ensure a fair and even playing field for everybody.

"I'm sure we cannot afford to lose teams like Ferrari or Renault. I think it would be such a bad image for the sport that I am sure that a solution is going to be found."

Prince Albert said that Monaco organisers would fight to keep their race on the calendar because of the huge economic impact it has.

"The economic impact can be measured in hundreds of millions of Euros, and it is part of history and should there be a change in regulations or in the sport's outlook on things, then we would all put up a big fight to try and keep the grand prix here.

"We are happy to work with the FIA and everyone involved in F1 racing."