David Richards says a decision about whether to submit a formula one team entry for the 2010 world championship by Friday's deadline is still yet to be taken.
The former BAR and Benetton boss is considering running a new budget-capped outfit from next year, possibly with Prodrive, Aston Martin or Middle Eastern branding.
He said three months of groundwork including chassis design has already been done, and is now waiting on how the sport's political situation develops.
"Everything depends now on two questions: will the new rules permit us to enter with a chance of sporting success? And are there the basic financial conditions that would allow a new team to have a lasting and practical business model?" he is quoted as saying in an interview with Germany's Auto Motor und Sport.
Three parties - Williams, and potential new entrants USF1 and Campos Racing - have already lodged their 2010 paperwork. The FIA's deadline is May 29.
"We are going to wait until the last minute and see what happens. Shortly before the end of the registration period for the 2010 season, board meetings take place at Aston Martin and Prodrive.
"Then we will decide," said the 56-year-old Briton.