LONDON - Ferrari president Luca di Montezemolo has raised the possibility of a breakaway Formula One series in 2013 as the team's parent company looks at taking over the sport with News Corp.
Private equity firm CVC Capital Partners, which has owned the rights to F1 since 2006, has already been approached by Rupert Murdoch's News Corp., and Ferrari investor Exor.
The Concorde Agreement between F1's commercial rights holder, governing body FIA and the participating teams expires at the end of the 2012 season.
Di Montezemolo told CNN that after that point "CVC doesn't own anything."
He says the teams could still renew the deal with CVC, find a "different partner" or "create our own company like the NBA to run the races, the TV rights."