Pirelli Motorsport boss, Paul Hembery, has warned that his company could walk away from F1 if a new contract is not agreed soon.

Already in the firing line, albeit unfairly, for its 2013 compounds, the Italian manufacturer's frustration with the sport is not helped by the fact that a new contract for 2014 onwards has yet to be agreed.

If proof of that frustration were needed, one need look no further than Hembery, who made his feelings quite clear during Thursday's team principals press conference.

"Apparently on September the first, we are meant to tell them (the teams) everything that they need to know for the tyres for next season. We are now mid-May so you can imagine how ludicrous that is when we haven't even got contracts in place.

As the assembled team bosses and media took note of his obvious frustration, he added: "Maybe we won't be here anyway..."

Asked how serious he was in making such a comment, he continued: "At a certain point somebody has got to make a decision. Things are getting, as far as we can see, extremely serious because the changes next year are so substantial that the sport has to make a rapid decision."

The changes referred to are the new compounds and constructions needed for an entirely new engine formula. Hembery, revealed that this will radically alter the demands on the tyres as top speeds will be different, aerodynamic loads will change and they might even need to be a different size.

"It's not a case of maybe putting a harder compound onto this year's tyres," he said. "The changes are so dramatic that we probably need to do a thorough re-engineering of the tyre and that takes time. So the longer this goes on, it makes our job impossible and there comes a point where probably you say 'Well, we don't have time to do the job anymore."

When the current contract was put out to tender the FIA was hardly swamped with offers, and should Pirelli opt to walk away, understandable when one takes into account the bad press it is receiving at present, there is the real chance that there would not be an alternative supplier.

Asked if there was a possibility that F1 could find itself stranded on the grid with no tyres next season, Hembery replied: "You'll have to ask the teams that. We've been trying to say that something needs to happen... and quick."