The Formula One future of Cosworth, the Norhamptonshire-based engine maker, hangs in the balance after an agreement between the sport’s ruling body and its teams rolled back on plans to impose low-cost engines designed and built by Cosworth as standard from 2010.

Max Mosley, president of the Fédération Internationale de l’Automobile, last week designated Cosworth as the preferred lead bidder in his plans to impose standardised engines and gear systems on F1 teams in a bid to rein in “unsustainable” spending in the sport.