"I had expected one or two teams to pull out of Formula One imminently. And I also said that it was not necessarily going to be just independent teams that were involved," he said.

"I believe that we probably will lose another team before the beginning of next season and there is a very high chance it will be a manufacturer."

Parr said Honda's departure was "entirely predictable."

"Honda didn't have to leave Formula One, it chose to," he said, depicting the Japanese manufacturer's departure as a "natural consequence of unlimited and unrestrained spending."

"Williams would never choose to leave Formula One. So long as we can rub together a few pennies and put together a half-decent budget, we are going to go racing.

"If we have to tailor what we spend to a lower income, then we'll do that. To me, it's just completely illogical to talk about Williams leaving Formula One."