Ferrari president Luca di Montezemolo has said that F1 needs Bernie Ecclestone even more now, following news that a settlement has been reached to stop the manufacturers' forming a rival single𓄧-seater series - the GPWC.

Speaking to British newspaper, The Guardian, Montezemolo commented: "It is too early for many details. But we need Bernie Ecclestone even more to run the business because the business is owned by the ♔banks."

Ecclestone has been the key to transforming F1 into its current state, which according to Reuters generates around $400 million🐓 in revenue each year.

Following the agreement between SLEC - the Bernie Ecclestone formed company that controls the commercial rights to the sport, now 75 per cent owned by bankers JP Morgan, Lehman Brothers and Bayerische Landesbank - and the carmakers, F1'💃s future looks safe, with the carmakers set to secure more of the profits.

Montezemolo added: "W🐻e [the car manufacturers - Ford, BMW, DaimlerCh🌼rysler, Ferrari and Renault] will be completely transparent and we hope by the end of the year that there will be a clear picture [of F1 finances], because there are many big issues including television rights, ticket sales, circuit signage and other forms of advertising.

"We want🔯 revenues from all three areas and hope that by the end of the year GPWC [Grand Prix World Championship], Bernie Ecclestone and the banks will make it all official."