Prince Albert of Monaco believes the F1 teams and Max Mosley need to find a solution to the ongoing crisis as the sport cannot afford to lose Ferrari or Renault.
Both teams, together with Toyota, Red Bull and Toro Rosso, are threatening to quit Formula One should Mosley's FIA press ahead with their plans for two-tier regulations.
And should that happen, Prince Albert reckons Formula One's image could suffer.
"It's hard to go against the governing body of the sport but you want to ensure a fair and even playing field for everybody," Prince Albert told the BBC.
"I'm sure we cannot afford to lose teams like Ferrari or Renault. I think it would be such a bad image for the sport that I am sure that a solution is going to be found."
As for Monaco's future on the F1 calendar, Prince Albert says the Monte Carlo street race is here to stay.
"The economic impact can be measured in hundreds of millions of Euros, and it is part of history and should there be a change in regulations or in the sport's outlook on things, then we would all put up a big fight to try and keep the grand prix here," he said.
"We are happy to work with the FIA and everyone involved in F1 racing."
