Formula One can survive without Ferrari, but their threat to leave must be taken seriously. Ferrari, and indeed Mercedes, have a huge history within the sport, and they should be treated as assets to it.

They have both been as responsible, as someone such as Bernie Ecclestone, for the growth of F1 into its global platform, and that has to be respected. You can’t just wipe the slate clean and say we are all back on the same level.

Following Friday’s presentation by Liberty Media, there will, of course, be bargaining from all parties, and given that we are talking new regulations coming into effect from 2021, it gives those involved plenty of time to look at whether they want to continue to invest...