Ford would consider returning to Formula 1 for the first time since 2004 if budgets were reduced, according to their motorsport boss Mark Rushbrook.

The American company pulled out of the sport after selling the Jaguar team, which they ran under the British brand, to Red Bull and selling engine producer Cosworth, which they had worked with on several iconic road cars.

However, though insisting the current environment was not suitable for entry, Rushbrook admits Ford is monitoring the direction the sport takes.

"Hybrid power will be relevant for a long time for Ford," he told Autocar last week. "So I’d never say never to F1, especially if it introduces budgets."

Another former Ford brand Aston Martin is already strongly considering becoming an engine supplier from 2021, potentially in a partnership with Cosworth and Red Bull, with owners Liberty Media keen to simplify and cheapen the current units.

They too have pointed to costs as the main factor in their decision but the Ford chief admits even a budget cap has potential flaws.

"Cost reduction in F1 is all relative. If you cap in one area, [manufacturers] will spend in another," he claimed.

Currently, the iconic automotive name has successful motorsport programs in the WEC with the modern version of the GT and in Rallying.