Mercedes boss Toto Wolff on Friday urged Formula One owners Liberty Media and the sport’s regulators FIA to come up with an improved deal to avoid a breakaway championship. Formula One’s biggest teams Mercedes and Ferrari are questioning some of Liberty’s plans for the sport beyond the expiration of the Concorde Agreement — a deal which binds teams and stakeholders together until the end of 2020. Disgruntled Ferrari chairman Sergio Marchionne has voiced dissatisfaction with Liberty’s proposed re-distribution of prize money, and the concept of a simpler engine. Wolff, who has overseen the Lewis Hamilton-led Mercedes’ dominance of F1 for the past four years, supports Ferrari’s stance and did not rule out the prospect of a rebel championship formed by leading teams. “We are all carrying the torch of a great series and a great brand that was built 40-50 years ago and has tremendous value,” he told a news conference ahead of this weekend’s season-opening Australian Grand Prix in Melbourne. “Everybody is trying to position themselves, but all the time with respect for the series and comments that have been made by the Ferrari chairman Sergio Marchionne show that he cares,” he added. “We all have a vision and perspective in Formula One and how we want to see it going forward and it needs to fit that opinion and that is why these statements are being made.”