Formula One teams may be obliged to compete in a rescheduled Bahrain Grand Prix despite their overwhelming unwillingness to do so if, at a meeting on Friday, the FIA World Motor Sport council decides the race should take place.

After a meeting of team principals last weekend at Monaco, it is understood there was a uniform opposition to the race taking place while Bahrain's political situation remains volatile. The teams have made their feelings known to Bernie Ecclestone, Formula One's commercial rights holder.

One thing is certain: the teams do not want the season to be extended into the middle of December. The Mercedes team principal, Ross Brawn, said the demands placed on personnel in that event would be "totally unacceptable". It has also been pointed out that the teams have made obligations to their staff, promising a minimum amount of time off during what is an increasingly short close season.

Concerns over safety in Bahrain remain and on a logistical level there is concern over obtaining insurance, which would be extremely complex, if not impossible, for racing in an area known to present a risk. However, should Bahrain be rescheduled (possibly to replace the Indian Grand Prix on 30 October, with that race to be run on 4 or 11 December), the teams acknowledge that they will be contractually and legally obliged to attend.

The main reason for that will be financial, given the existence of severe penalties for non-attendance. Bahrain paid £40m for the right to stage the first grand prix of this season, a sum which is split between the teams and the commercial rights holder at 45% (£18m) each. The responsibility for that money would be added to by potential penalties for breaking contracts .

Moreover, further financial pressure would be applied should worldwide television rights holders look for compensation, in the event of being unable to show a race that could have taken place. Such costs would be shouldered by the teams, unless they could prove it was impossible to attend the race. The insurance question is likely to prove crucial to any argument the teams will make.

That finance is central to the debate is unsurprising in Formula One, but many feel it has unduly influenced decisions around the issue of Bahrain since the race was cancelled in February. At the time there was an expectation that the grand prix would be scrapped for 2011, and it is understood that the current Concorde Agreement releases all parties from obligations in the event of "civil strife". This caveat would have lost the sport £40m had the race been written off. This problem would have been exacerbated soon afterwards by the potential loss of a further £40m as Japan's earthquake threatened that round of the championship.

Instead, in March, the Bahrain organisers were given until 1 May to prove they were able to host the race. When that deadline was reached, it was extended to Friday. Significantly, the Bahrain government lifted its state of emergency on Wednesday. If the race is given the go-ahead, all financial obligations will have to be met, most importantly by the teams, should they choose not to attend.

Although the teams shy away from ethical questions attendant to holding the race in Bahrain, and despite there being a chance that a decision will be postponed again, disquiet has been expressed on several fronts.

The former world champion Damon Hill said: "It is important that Formula One is not seen to be only interested in putting on the show, whatever the circumstances. You can't just base your decision to hold a race in a country on that country's ability to pay."

The humanitarian group Human Rights Watch has written to the FIA, requesting a further postponement until Bahrain has returned to normality, rather than an arbitrary lifting of the state of emergency. The campaigning organisation Avaaz has also called for the teams to boycott the race, repeating reports that a quarter of the Sakhir circuit's staff were arrested, suspended or dismissed during the unrest.

In Monaco Ecclestone, who has long been seen as central to attempts to have the race rescheduled, seemed sympathetic to the people of Bahrain when he was asked about the race. "If what you hear and read is true, I think we'd have to say we support the people," he said. "The guys go to college, they're there until they're 20 or 23 years old, spend all their life trying to do something. They achieve and then they can't find a job. So they get a bit upset and I don't blame them."

He added: "If it's safe and everything is good then I think the teams will be happy to support [the race]."

The final word, however, is likely to be dictated by the bottom line.