Formula One may have days rather than weeks to stave off a rival series with teams saying they are already well advanced in their preparations and fast approaching the point of no return.
Toyota motorsport president John Howett says there's very little time before the situation becomes irrevocable.
Howett is vice-chairman of the Formula One Teams' Association and says a meeting of the governing body's world motor sport council in Paris on Thursday will be important.
FOTA's chairman, Ferrari's presidebt Luca di Montezemolo, will attend along with International Automobile Federation president Max Mosley, F1 supremo Bernie Ecclestone and national federation representatives.
The eight FOTA teams will meet on Friday after announcing last week they would begin preparing for their own championship after failing to reach agreement with the FIA on next year's rules.