Bernie Ecclestone has claimed Lewis Hamilton, the five-time world champion, is the 'best and worst' thing to happen to F1 as the sport prepares to stage its 1,000th race this weekend.

On the eve of Sunday's landmark grand prix in Shanghai, Ecclestone argued Hamilton was the 'only real character' in F1 racing while also saying Sebastian Vettel, winner of four world titles, will retire from the sport if he loses his number one status at Ferrari.

Hamilton currently trails Mercedes teammate Valtteri Bottas by a single point going into the third race of the season.

The British driver admitted to struggling with the car in yesterday's practice session but Ecclestone, the sport's chairman emeritus, believes the 34-year-old is still undervalued for his overall achievements.

"There is no reason why he shouldn't," replied Ecclestone, on whether Hamilton will eclipse Michael Schumacher's record of seven world titles.

"Lewis is super and there is no doubt about that. Alongside his fashion business, it is almost as if he now treats Formula One as a hobby.