(CNN) -- Formula One teams may try to take control of the elite motorsport when the rights agreement expires at the end of 2012, Ferrari president Luca di Montezemolo told CNN in an exclusive interview.

Bernie Ecclestone has run F1 on behalf of CVC Capital Partners since selling his rights in 2006, but speculation is growing that the Concorde Agreement -- the settlement between the private equity firm and the teams -- will not be renewed.

Last month, media mogul Rupert Murdoch's News Corporation and Italian investment firm EXOR released a statement confirming they were "formulating a long-term plan for the development of Formula One in the interests of the participants and the fans."

Montezemolo said that the teams had three options: to renew with CVC; find a new partner; or follow the lead of basketball's NBA and create their own company to run the sport.

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"I think we have to be very pragmatic. At the end of 2012, the contracts of every single team with CVC will expire. So, we have three alternatives," the 63-year-old Italian told CNN.

"We renew with CVC, or we theoretically -- as the basketball teams did in the U.S. with great success -- we create our own company, like the NBA. Just to run the races, the TV rights and so.

"And third, to find a different partner. Bernie Ecclestone did a very good job but he has already sold out three times, so he doesn't own the business anymore. It is CVC that will sell. It will be the teams' decisions.

"At the end of 2012, the contract will expire, so theoretically CVC doesn't own anything. I think it is important to have alternatives. We will see. We have time to do it."

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Montezemolo hopes to continue the expansion that Ecclestone helped to usher in.

"We have to invest in the U.S. We have to improve new technologies in F1 for the people watching the television, for iPad, for the Internet. So I think we are in front of a very important moment," he said.

"We will race in Russia and India. F1, thanks also to Bernie Ecclestone, has become a worldwide sport. Now we have to find the best solution. It is important to invest for the future and the other teams."

Di Montezemolo is adamant that F1 needs a new direction, and claims that rule changes in recent years have made the sport confusing for the teams and fans alike.

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"We have gone too far with artificial elements. It's like, if I push footballers to wear tennis shoes in the rain. To have so many pit-stops -- listen, I want to see competition, I want to see cars on the track. I don't want to see competition in the pits," he said.

"A little bit, yes -- but in the last race there were 80 pit-stops. Come on, it's too much. And the people don't understand anymore because when you come out of the pits you don't know what position you're in.

"I think we have gone too far with the machines, too many buttons. The driver is focalizing the buttons, when you have the authorization to overtake. We have gone too far.

"Ferrari will push a lot with the authority -- with the respect that we have to the federation and the other teams -- to avoid going too far with F1. Because I think it can create problems for the television people and on the racetrack."

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Montezemolo admitted he was frustrated with the present limits on testing too. "We are not able to do testing, to do training. F1 is only professional sport in the world where you can't train or test," he said.