Formula 1 is facing a final wake-up call

An "unhealthy and not sustainable" Formula 1 is facing its "final wake-up call" in the face of the ongoing coronavirus crisis.

That was the stark warning issued by McLaren team principal Andreas Seidl during a Zoom conference call with a select group of F1 media.

Of the 10 F1 teams, McLaren has so far led the head-on charge in the financial battle for survival due to the crippling situation being faced by businesses around the world.

McLaren became the first team to furlough its staff, with drivers Lando Norris and Carlos Sainz taking pay cuts, while it is also demanding the budget cap due to come into force next season - that has so far been cut from $175million to $150million - be slashed to $100million.

"The crisis we are in now is the final wake-up call for a sport that was unhealthy before and not sustainable, and which has now reached a point where we need big, drastic changes," said Seidl.

"For us, the most important thing is we make the next big step on the budget cap because we think it's absolutely important due to the financial losses we will face this year, with the magnitude of it unknown because so far we don't know when we can go back racing.

"It's important, combined with all the other measures, such as freezing the car to survive this year, and also it's important for our shareholders, to show them that the losses we make this year can be compensated for over the next years."

Seidl stated that following the numerous meetings that have taken place between the teams, the FIA and Formula 1, he does not "see any signs that Formula 1 will not exist next year".

But echoing the words of CEO Zak Brown, he added: "The biggest risk that I see is that we will lose teams if we don't take decisive actions now.

"It's very important we put all these actions in place that we have discussed in previous weeks, such as the freezing of the cars, the extension of the shutdown to ensure we have maximum money-saving this year, for all teams.

"And then it's very important to simply have a lower budget cap to ensure we have a positive impact for everyone taking part in Formula 1 in the future, that we can be part of a sport that is healthy and sustainable from the financial side."

With F1 on hold at present following the cancellation or postponement of the first eight races, and with more likely to follow, Seidl has expressed natural concern of no racing at all this year and the financial havoc that could wreak.

"We definitely know we will lose a lot of money with some races definitely not happening," he said.

"Of course, there is a pessimistic scenario where we don't have any races this year which will cause a big financial impact.

"Not just for us, but for all the teams in the pitlane, it [the current situation] is already a serious problem because we definitely know we will lose income, and as we all know a major part of financing Formula 1 teams come from the revenues.

"For us as McLaren, we are putting all measures in place which we think are necessary to get through this crisis.

"We simply need to wait and see what will the consequences will be."

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