BMW executive board member Burkhard Goeschel has warned that the break up of Formula One is almost at the point of no return.

Last week, the five manufacturers that comprise the Grand Prix Manufacturers' Association, together with a number of F1 teams, signed a binding agreement, making it clear that they intend pursuing the idea of an alternative race series, should the sport's governing body, the FIA, and 'ringmaster' Bernie Ecclestone not agree with various proposals being put forward, including financial issues and also the governance of the sport.

At the same time it was announced that International Sports and Entertainment AG (iSe) has been instructed to "advance strategic and commercial negotiations with key parties", including TV broadcasters, circuit owners and potential sponsors.

Talking to Reuters, Goeschel said: "We have nearly reached the point of no return. The contracts with circuits and sponsors is a two-year approach. The decision should happen within this year.

"The series is on track, going forward and the five manufacturers are united," he added.

The five manufacturers - BMW, DaimlerChrysler, Renault, Honda and Toyota - are joined by BAR, McLaren, Minardi and Sauber. However, Minardi has been bought out by Red Bull and will obviously sign up with Ecclestone's new Concorde Agreement, joining Ferrari, Jordan and Red Bull. Earlier this week, Honda bought out BAR, while BMW has bought Sauber, and Mercedes owns a large slice of McLaren. WilliamsF1 has admitted that it did not sign the agreement, prompting speculation that the British team will sign up with Ecclestone once a price has been agreed.

Other than money, the manufacturers are seeking a total revision of the way the sport is governed. In addition to greater transparency the GPMA wants long-term stability in the sport's rules, and also wants the manufacturers and teams to have the right to create the rules - while the FIA serves as referee not as rule maker: "On this point we are saying that we are not flexible," said Goeschel.

Although both Ecclestone and, FIA President, Max Mosley, have dismissed the threat of a breakaway series, Goeschel warns that the manufacturers are deadly serious, though they hope that it won't come to it.

"I don't think that there will be a split in the future," he said. "The five manufacturers standing together is the most important factor in GP racing today and in the future.

"Honda have bought BAR and now own the team. We are five manufacturers and each one owns a team. We also own the technology," he added. "The most important sponsors in future will be committed to brand values linked to manufacturers. Those companies want to be connected with the big car manufacturers and this is also our strength. I think we will also have the best drivers."