Salzburg, Germany  - The owner of the Red Bull and Torro Rosso Formula One teams has called into question the ownership of the event.

Dietrich Mateschitz, who is the billionaire owner of the Red Bull energy drink told Deutsche Presse-Agentur dpa that presently Formula One is owned by a private equity company.

"They have neither expertise nor passion about and for motorsport. Their engagement, which is a natural under the circumstances, is simply a financial one, geared towards maximizing profits."

The company that controls Formula One is mainly owned by a private equity firm (70 per cent), financial services group JPMorgan (approximately 20 per cent) and a family trust belonging to Formula One supremo Bernie Ecclestone.

That ownership has put Formula One into a critical phase. Adding to that is the fact that the global economic crisis has put the squeeze on car manufacturers, tobacco companies and other sponsors of the event.

"All of these factors contribute towards the instability of the sport."

The Austrian said that he is clear on what he thinks should be done to change the situation.

"It is the teams that are carrying all the financial risk. It is the teams that not only have the necessary competence, they also have the necessary passion for motorsport.

"There is just one logical and ethically justifiable owner of Formula One and that is the teams. That is the only way that the survival of motorsport is guaranteed on a long-term basis.

"The teams need to maximize their marketing value, but they also need to own the assets."

He said that the next logical step would be for all the teams to put together a plan to take over the sport. "Everybody can see that the value of Formula One is not that which it was a year ago."

The 64-year-old said he was expecting a lot from Red Bull's new driver Sebastian Vettel, who last season became the youngest Grand Prix winner when he won the Italian Grand Prix in a Torro Rosso.

"Vettel is undoubtedly one of the biggest talents. We expect 100 per cent commitment with all that he has to offer. For his age he is incredibly smart, clever and will-powered.

"We expect to be able to provide him with a car with which he should be able to win."

Mateschitz, who is the second-richest Austrian, said he would not prevent Vettel from fulfilling his potential.

"We have a two-year contract with him. If we are not in a position to give him a competitive car, we will certainly not stand in his way as he attempts to win the world championship." (dpa)