Formula 1 boss Bernie Ecclestone has admitted fault for the sport’s current financial crisis while offering a suggestion to alleviate the pressure on smaller teams.

The category boss was forced into a shock media briefing at Austin’s Circuit of the Americas following a boycott threat from Sunday’s United States Grand Prix by Force India, Sauber and Lotus.

Such drastic action has been mooted by Force India’s deputy team principal Bob Fernley as a response to the escalating costs to compete and the inequitable distribution of F1’s commercial income, following the demise of backmarker squads Caterham and Marussia.

Ecclestone, who has been in control of F1’s commercial rights since the late 1970’s, has admitted that the sport’s current financial crisis is “probably” his fault.

“The problem is there is too much money probably being distributed badly – probably my fault,” said Ecclestone in the briefing.

“If the company belonged to me I would have done things in a different way because it would have been my money I was dealing with.

“But I work for people who are in the business to make money.”

A heavily weighted prize fund in favour of the sport’s top teams has emerged as a particular concern held by midfield operations.

In its current guise, McLaren, Ferrari and Red Bull all receive an extra slice of the prize fund by qualifying for the Constructor Championship Bonus payment, which sees $100 million distributed each year.

This payment is on top of the amount awarded for the squad’s placing in the constructor championship standings.

Ecclestone believes one way to alleviate the problems faced by smaller teams is the creation of a new fund which would see the big teams contribute a portion of their prize money into.

Although determined to resolve the sport’s current plight, he admits the situation doesn’t lend itself to an easy fix and sacrifices from F1’s top teams will need to be made.

“We have to open the eyes of those people in a position to turn the lights on and off to what they need to do,” said Ecclestone.

“I wouldn’t want to be in a position where I was too strong, F1 disappears and someone says it is because of you it disappeared.

“I said to people getting a chunk of money that I would like to take a percentage of their performance-related payment.

“I would put that money together to divide among the three or four we know are in trouble but are not going to run away with the money, and then I will put in the same amount of money.

“We have to decide the best way to sort this whole thing out. Frankly, I know what’s wrong but don’t know how to fix it.

“No one is prepared to do anything about it because they can’t. The regulations have tied us up.

“We can’t all sit back nicely relaxed and think the problem will go away. It’s not like having the flu and taking a few tablets and it will disappear.

“I think the situation is such that if enough people want it resolved, we can resolve it. It’s a case of the people that are involved in the sport will have to want to look after the sport and be prepared to make some sacrifices.

“I would tear all the contracts up. Take all the money, pay all the teams’ debts that should be paid so people haven’t suffered because of Formula 1.”

Ecclestone has staved off fears of a boycott for Sunday’s race reassuring fans all 18 cars will be on the grid.

“I promise they will be racing. They will be racing, I give you a guarantee – but I worry if they will be racing next year,” he added.