No one individual can replace Bernie Ecclestone at the helm of Formula One and teams must start planning for a very different future after the 83-year-old eventually leaves the stage, Ferrari president Luca di Montezemolo has said.

The Italian wants to invite team principals to a meeting at Ferrari’s Maranello factory in January to discuss where Formula One is heading and what should be done.

“We are arriving a little bit at the end of an important cycle and era of F1,” the 66-year-old said.

Ecclestone is facing a series of legal battles linked to a deal that brought private equity firm CVC on board as the largest shareholder eight years ago.

The Briton has no plans to stand down but what happens if he is no longer capable of running the sport is an unanswered question that is becoming increasingly asked.

Ecclestone runs the commercial side of the $1 billion sport very much as a fiefdom, with no designated successor and an unwillingness to delegate.

Montezemolo raised the possibility of teams, contracted until 2020, one day setting up their own company and repeated a familiar warning that Ferrari could leave if Formula One’s owners used the sport solely to make money.

“We have to discuss, because at the end of the day this is our business,” said Montezemolo.