Ongoing negotiations may also hit a snag thanks to recent news regarding FIA-proposed increases to Formula One team entry fees.

FORBES: Is Formula One's IPO Delay The Latest Sign Of Struggle?

"Formula 1 was always our entry point into the car business, " Mr Fernandes said.

BBC: Caterham Cars and Renault link up to build sportscars

The International Automobile Federation (FIA), which licenses and governs Formula One racing, is reportedly considering a massive increase to team entry fees.

FORBES: Formula One's Top Teams Could Face Massive Cost Hikes

Formula One does not deserve an incentive which is based on economic activity which existed before its entry into the local market.

FORBES: Wild Ride: The Sordid Saga Of How Formula One Racing Came To Texas