Formula One teams may try to take over the sport and create a new company to run the sport when the current rights agreement expires at the end of 2012, Ferrari's president told CNN.

He said teams had the option of renewing a contract with CVC Capital Partners, find a new partner, or create a new company to run the sport.

We renew with CVC, or we theoretically - as the basketball teams did in the U.S. with great success - we create our own company, like the NBA. Just to run the races, the TV rights and so, he said.

At the end of 2012, the contract will expire, so theoretically CVC doesn't own anything. I think it is important to have alternatives. We will see. We have time to do it.

He said teams would have to invest in new technologies for watching the sport on television, for iPad, for the Internet.

He said thanks to the leadership of Formula One leader Bernie Ecclestone, F1 became a worldwide sport.

He also derided artificial elements in the sport such as too many pit stops, and too many buttons in cars.

He also expressed frustration with current limits on testing.

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