Paul Hembery, the former F1 boss at Pirelli, says he has heard rumours that Liberty Media is trying to sell the sport's commercial rights.
Liberty, headed in F1 by Chase Carey and Ross Brawn, completed its $8 billion acquisition in 2017 but in recent months has come under fire for its management and achievements.
Hembery told The Sun that "everyone" is talking about rumours that Liberty - having discovered that F1 is "more complex" than expected - is now trying to sell.
"I guess it depends what the price is and who wants to be involved in it," he said.
"That may or may not be true and I am sure they would deny it if they were asked directly but it creates another level of uncertainty.
"It is a difficult sport to manage and you have to have strong leadership," he added.
Hembery said the next weeks and months will be crucial for Liberty amid its struggle to conclude new deals beyond 2020 and resolve a dispute with the F1 circuits.
"The bottom line is the product itself is not enough to make it compelling viewing for everybody," he said.
