LE MANS, France: Formula 1 manufacturers are ready to set up a rival series if the governing body does not meet their demands on next year's rules, Ferrari president Luca di Montezemolo said on Saturday.

"Definitely this situation will be resolved one way or the other," he told reporters at the start of the Le Mans 24-hour sportscar race.

"Either we race in an F1 with the characteristics we want to maintain or there will be an alternative."