Ferrari president Luca di Montezemolo has warned that F1 teams are still considering a breakaway series if they do not get a bigger cut of the sport's profits in the next Concorde Agreement.

Ferrari and most of F1's major teams issued a similar threat in 2009 when Max Mosley's FIA was looking to introduce severe cost-cutting measures to F1. However, di Montezemolo's latest grievances are with the cut of profits the teams receive in prize money from the sport's owners CVC Capital Partners.

According to the Daily Telegraph, Montezemolo signalled that the teams would consider a breakaway series if they are not listened to.

"We are at a crossroads," said Montezemolo. "We have Formula One in our hearts and minds but we don't want to be in a Formula One prison."

He said three scenarios are possible: the status quo, new owners for the sport with Bernie Ecclestone in charge, or a model like the NBA [National Basketball Association] that is owned by the teams.

"For me the presence of Bernie is a priority because Formula One can't be ruled by the Stock Exchange," Montezemolo added. "We need people with credibility, personality and experience. In the end we can always find a different promoter. At the end of the day this business is not so complicated."

He made no attempt to hide his dislike for the 2013 engine regulations that will see Formula One use turbocharged 1.6 litre four-cylinder engines. Ferrari has never produced a road car with less than six cylinders and Montezemolo is concerned that the new engines will not be relevant to the company's high-performance image.

"I'm all for improving sustainability and with the four-cylinder 1.6 litre turbo engine I have to accept because we don't want Ferrari always to be polemic, but personally I don't like it. It is too far. I agree on the need to cut costs but this 'pauperistic' approach to Formula One is not good. Cheap is different from inexpensive. We want Formula One to be associated with innovation, with pushing technology."

He also warned that multiple rule changes could have an undesired effect.

"What they want to do is cut costs, but all they do is raise them if the rules change every five minutes," he said. "This is Formula One, which should be the spearhead of technological development."

On the subject of team orders, Montezemolo admitted for the first time that Ferrari went too far in Austria in 2002; the incident that triggered the ban.

"I think it was too soon [in the season], but not in the case of Germany [2010]," he said. "Fernando [Alonso] was faster than Felipe [Massa]. What is not right is when it is taking place in the first races of the year."

But he said the slate would be wiped clean in 2011 and Massa and Alonso would start the season on an equal footing.

"I want two drivers fighting for the championship, not someone frustrated at the first race," added Montezemolo. "This is very important, but in the second half of the season we will have an open mind and understand that the drivers know what to do if needed."

Montezemolo promised that if team orders are deployed, it will be done transparently for the benefit of the spectators.

He also teased those present who were hoping for a shock announcement about his decision to enter Italian politics.

"I have an important announcement to make," he joked. "I am starting my own party! Seriously, I have spoken with the Ferrari family and I can say that my future is here. This work is my life and it will remain so."