THE Australian Formula One Grand Prix is likely to be scrapped if leading teams like Ferrari walk away from the sport.

Australian F1 chief Ron Walker said there would be no point holding the Melbourne race if the most famous teams in the competition were not involved.

Walker said he would advise the Victorian Government to cancel the event should F1's leading teams carry out their threat to form a breakaway series in 2010.

He said the viability and credibility of the event would be damaged without teams like Ferrari taking part.

"The Grand Prix board would probably say to the Premier it's too hard," Walker told Fairfax Radio Network from Paris.

"You can just imagine if the likes of (Roger) Federer and other major tennis players didn't turn up to the Australian Open in January or if some of the best horses didn't come to the Melbourne Cup.

"It's the same scenario, the superstars sell tickets and if you don't have the superstars then ticket sales sag."

F1's strongest teams revived their threat to form a breakaway series yesterday despite the sport's governing body insisting a deal to end the long-running saga over regulations could be over "in the coming days".

F1's fragile peace was thrown into doubt when the Formula One Teams Association walked out of a meeting with the FIA.

It followed eight teams being told they had not been entered into the 2010 championship, and would have no say in finalising cost-cutting measures.

"We cannot sit back and wait (to see) if there will be an agreement coming our way or not," BMW Motorsport boss Mario Theissen said.

"So we have to keep all options open and that means we have to look at the other course as well.

"We are in constant negotiation and we might come to a conclusion, as the FIA indicates, in a few days.

"But it might take a few weeks. Or we might finally find out that there is no agreement. We have to prepare for all possibilities."

FIA issued a statement - titled "Setting the Record Straight" - in response to the teams' walkout in which it said that ongoing negotiations would yield a solution quickly.

Much is also likely to depend on whether FIA president Max Mosley goes back on an earlier indication to not seek re-election as head of the sport's governing body when his term expires in October.

Walker has called for Mosley to stand aside for the good of the sport.