Former Formula 1 team boss Eddie Jordan has not ruled out a return to the sport in the future, but only if the astronomical costs involved can be curbed dramatically.

In an interview in Tuesday's Daily Express, Jordan, who sold his team to Russian billionaire Alex Shnaider 14 months ago, said that while he still loved F1 he didn't believe it was possible to compete against the economical might of the car-makers in the current climate.

"If the lunatics can be controlled I would have every reason to come back and look at F1," he said.

Jordan claims that the escalation in operating costs, where the top teams are estimated to spend more than $US200m annually, has made the sport unviable for privateers.

"I know the circumstances have changed so dramatically so much in the last few years that I would not have been able to continue, never mind compete.

"The manufacturer teams have really lost it and left me disappointed.

"They have had no consideration or regard for the individual teams. They have come into a championship which was created and run by private teams and with their cash totally abused it.

"At the moment they are throwing away US$500m in testing behind closed doors. They need to get a grip on this immediately."

Jordan also claimed that the sport's long-term future could be under threat if the budgets are not brought back under control.

According to the former owner of the team now known as Midland, unless F1 remains open to privateer entries the sport could be crippled if and when the car-makers decide they have achieved their objectives and quit.

"We have seen Alex Shnaider and Dietrich Mateschitz, who are successful and reputable businessmen, enter F1, but can even they succeed?

"The manufacturers will go, it's in their marketing strategy, and what will be left? I applaud Ferrari, who have a long, hard continuous involvement. Anything they get they deserve.

"But I am aggrieved that no young person can afford to get in as I did."