Ferrari chief Luca di Montezemolo has warned F1 bosses that top teams will break away unless agreement is reached next year to grant them more money.
Ferrari and other manufacturers want a bigger share of F1's profits
"They must be aware that after 2007 the value of the old Formula One will fall to zero if there's no consensus.
"They would be left standing like a Hollywood producer without any actors.
"If there's no solution, then from 2008 there will be a new series organised on our behalf," Di Montezemolo told Germany's Welt am Sonntag newspaper.
Montezemolo's threat is the latest in a long line of warnings to come from the major manufacturers in an attempt to secure a bigger share of Formula One's profits.
Fiat (Ferrari), DaimlerChrysler (Mercedes), BMW and Renault control a company called GPWC Holdings, which was set up to fight for their rights.
It appointed consultants in October to start work on the structure of a rival competition, which could be set up after the current agreement governing F1 expires in 2007.
The teams and manufacturers are believed to be seeking an 80% share of the sport's revenues, compared with the current figure of about 45%.
The future ownership of F1 is unclear after a court ruling earlier this month in favour of three banks contesting Bernie Ecclestone's grip on the sport.
Bayerische Landesbank, JP Morgan and Lehman Brothers control 75% of the SLEC holding company which owns the commercial rights to Formula One.
The rest is owned by Bambino Holdings, an Ecclestone family trust.
"From 2008 there will only be one Formula One World Championships and the decision on this will fall in 2005," said Ferrari president Di Montezemolo.
"I don't care whether this world championship series is called Golden Series, Championships League or whatever.
"I know that Ecclestone has certain rights in relationship to the Formula One name but that's not a problem for me.
"But whoever rules over the new Formula One must know that there must be big changes to profit sharing and the say of the teams and manufacturers."
The manufacturers have proposed appointing a management company between the shareholders and the teams, but Di Montezemolo said this would have to be accompanied by other changes.