Max Mosley has not ruled out returning to F1 amid the risk that the sport's commercial contracts could be torn up.

It emerged last week that, as the small teams express anger about the distribution of power and income within the sport, a British politician met with the European Commission's competition chief to discuss formula one.

Also in the spotlight is the governing FIA's controversial new 1 per cent ownership of the sport, with F1 business journalist Christian Sylt saying last week the commissioner had vowed to "look into it".

The Times newspaper now claims that a European investigation into F1 is much more advanced than previously thought.

The report said Force India, Lotus, Sauber and Marussia have all been asked to make legal submissions to the commission.

"If the EU come in," warned Todt's predecessor Mosley, "they can rip the whole thing up.

"I am flattered by the idea that I could be involved. I am out of touch, but I would do anything I could to help if all of the relevant parties agreed," he added.

Mosley, 74, was a long-serving FIA president whose confrontational management style has been contrasted with the ultra low-profile Todt's.

Under the Todt reign, F1 officials collectively failed once again to tackle the thorny question of costs and collapsing teams in the most recent high-level meetings in Geneva last week.

But it has emerged that the bosses will get together once again later this month.

"Worryingly for F1," said Times correspondent Kevin Eason, "it appears that EU officials have been building up a file for the past 18 months.

"They would be bound to put every aspect of the way the sport is run under the microscope if they move in."

(GMM)