"I tried to help with the management buy-out," the 78-year-old Briton told the News of the World newspaper. "They should have taken what I offered.

"It was a very good offer for everybody concerned. It gave them complete protection but they wanted to do things on their own," he added.

"Now all we can do is hope and pray," added the billionaire, whose involvement in a management buy-out could have given him a say in the Formula One Teams Association (FOTA), which is seeking more of the sport's revenues.

Ecclestone said the Japanese carmaker, who announced in December that they were quitting the sport, had three options -- accept the management buy-out, sell to British entrepreneur Richard Branson's Virgin Group or close down the team.

Branson told BBC radio on Saturday that he loved Formula One and could step in to rescue the team if certain conditions were met.

Ecclestone said Brazilian Bruno Senna, nephew of the late triple world champion Ayrton, was lined up to drive for the team should it survive.

"The silly thing is we have got Bruno wanting to drive," he said. "It would be fantastic for everybody to have the name Senna back in F1."