FIA president Jean Todt says Formula 1 "as we know it" could be at risk if the budget cap is drastically cut.

Currently, the sport's bosses, FIA and teams are meeting regularly to discuss how to respond to the ongoing coronavirus pandemic with big measures already agreed to try and cut costs amid the likelihood of a big loss in revenues.

Last week, however, the budget cap became the biggest area of contention, with an agreement reached to lower the initial limit from $175m to $150m but McLaren CEO Zak Brown pushing for that figure to be dropped to $100m.

“We can only get a reasonable number if we forget today’s Formula 1 and start with a white sheet of paper,” Todt told Auto Motor und Sport.

“But with a cost cap of $50m without exceptions, nothing would be as it was. It would be a completely new Formula 1, a 'Super Formula 2', and as Formula 1 is structured at the moment, such a new beginning is not possible. We would lose too many teams, including the big ones.

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“We have two options. One is $130m with all the exceptions. The second is a step-by-step plan with $140m in the first year, then $130m and finally $120m with exceptions.

"Taking out the extras is not possible at the moment. So we keep the status quo, only with a lower lid. Without this crisis, it would have been $175m. We are now talking about a post-crisis fresh start.”

During the initial talks on the topic last week, Ferrari revealed a compromise could see full manufacturers and constructors have a higher cap, while teams like Haas or AlphaTauri, who buy in parts, would have a lower limit based on the cost.

“If it is explained as the manufacturers have told us, it would be an argument to consider,” Todt admits.

“Some develop, design and produce a product that other teams buy. Take the engine, this is limited to $11m for customers but it costs the manufacturer a lot more.

“Suppose that the customer pays $50m to the manufacturer for the whole package. The proposal is that $50m should be deducted from the customer’s budget. I honestly can’t be comfortable with this bill.

“On Thursday there was a meeting only with the big teams. We have discussed this issue,' the FIA president added. "The crucial meeting was supposed to take place on Friday, but we have postponed it [until this week].

“We want to better understand the situation. Better to wait a week longer and get a better result.”

Despite the budget cap being considered a key tool in helping F1 teams survive the impact from the coronavirus, Todt does concede they may have to go further as the loss of an outfit remains a serious possibility.

“The only scenario that would require an adjustment after that [final meeting] would be the loss of some teams. Which we cannot rule out,” he told the German publication.

“I hope that we do not get into this situation.

“Then we would have to ask ourselves fundamental questions with the holders of commercial rights, such as: what should Formula 1 look like in the future?

“In the worst-case scenario, Formula 1 as we know it today would no longer be possible.”