Formula One's commercial supremo Bernie Ecclestone said he wants to tear up all team contracts and rewrite the rules as talk of race boycotts and financial failure swept the US Grand Prix paddock on Saturday.

Inviting a select group of international reporters into his office for a 50-minute discussion about the latest of many crises to hit the sport, Ecclestone canvassed opinion while making suggestions of his own.

"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," he said by way of opening explanation.