Renault boss, Patrick Faure, believes that the future of Formula One - as we know it - could be decided in the next few weeks.

Renault is one of five manufacturers that comprise the Grand Prix Manufacturers' Association, the group behind a possible breakaway series.

Talking in Paris at a celebration of his team's double World Championship win, the Frenchman admitted that he still holds out hope that a solution will be found, whereby the manufacturers and teams can be appeased.

Last week however, in a shock development, Bernie Ecclestone and Bayern LB sold their shares in F1 to investment group CVC, which in turn formed a new company - Alpha Prema - to run the sport, though Ecclestone will continue to call the shots.

Faure, talking to Reuters, admitted that the first discussions with F1's new owners have already taken place.

"We already had one first conversation with CVC and we will keep on talking," said the Frenchman. "I hope we can arrive at a reasonable solution between us.

"I think that the end of this year is probably a turning point," he admitted, "because we can't wait much more now for launching the new championship. We need to sign circuits, to organise ourselves, so we have seen each other this week and we are starting to launch a few things now. I think the coming weeks are really going to be important for the future."

Although sources within the GPMA have emphasised to Pitpass that it is the governance of the sport that is at the heart of the 'dispute', particularly with regards transparency, money is also a key issue.

"For the moment there is absolutely no change in our position," said Faure, "we are still negotiating in very good faith but very firmly to have a bigger part of the cake.

"In Hollywood, actors don't pay to be in a film," he added. "Currently we are in the position where we are paying.

"I think Bernie has sold Formula One three times in three years," he said of last week's deal. "I don't understand how he can sell every fortnight what is already sold to somebody else. But at the end of the day, it is a question of how the money is going to be split between the organisers of Formula One, whoever has bought Bernie's shares, and the teams.

"If the negotiations don't come off, we will do what we say," he added. "Nothing has changed in our position. We want a better distribution of the revenues between the stakeholders. We are the people who put on the show and should get the benefit from it."