It's a case of deja vu as Ferrari president Luca di Montezemolo warns that his team could join others in setting up a breakaway series.

As the teams and the commercial rightsholder look forward to another round of hard-nosed negotiating that will hopefully result in 'peace in our time', the sabre rattling continues.

Ferrari has always led the way, playing upon its long history in the sport and its special place in the hearts of most F1 fans, the Italian team has relied on a combination of emotional blackmail and outright threats to get its way.

As talk of a buy-out led by Rupert Murdoch's News Corporation continues, and McLaren boss Martin Whitmarsh hints at an alternative bid by the teams, di Montezemolo gradually applies the pressure.

Speaking to CNN, the Italian warned - not for the first time - that his team is willing to leave the Formula One World Championship - a series it has contested since the first race in 1950 - and form a breakaway series.

"Ferrari is in the same position as other teams," he told Don Riddell. "I think we have to be very pragmatic. At the end of 2012, the contracts of every single team with CVC will expire. So, we have three alternatives.

"We renew with CVC," he continued, "or we theoretically, as the basketball teams did in the US, with great success, we can create our own company, like the NBA. Just to run the races, the TV rights and so on. And third, to find a different partner.

"Bernie Ecclestone did a very good job," he added. "But he has already sold out three times so he doesn't own the business any more. It is CVC that will sell. It will be the team decisions. I think it is important to have alternatives. We will see. We have time to do it."

The last time Ferrari left F1, having issued similar threats, it was for a matter of days, with its rivals subsequently learning that a previous attempt at twisting the arms of the powers that be resulted in a lucrative 'special needs payout'.