By Andrew Benson Motorsport editor at Silverstone �

Renault are one of the teams who have formed the GPWC

Formula One's car manufacturers have issued an ultimatum to the sport's bosses to resolve the political row rocking the sport "now or never".

The car manufacturers have been demanding a greater say in the running of F1 and a bigger share of revenues for three years and say they are running out of patience.

"It has been too long," Patrick Faure, president of Renault Sport, told the BBC Sport website.

"Now all the parties are clear [where they stand], it is really a matter of whether we can find a reasonable compromise solution that reaches our goals.

"We are ready to compromise, but only if our goals are met - we want a bigger share of the revenues, transparency to the business and a secure future for Formula One. These are essential."

We all agree the time is now to reach a conclusion - either it's a compromise or a split Renault Sport's Patrick Faure

Renault is one of five European car manufacturers in F1 who have formed the GPWC to represent their interests in negotiations with the owners of the sport's commercial rights holders, Slec.

Renault, Ford (Jaguar), Fiat (Ferrari), BMW and DaimlerChrysler (Mercedes) have threatened to set up a rival championship in 2008, when F1's commercial contracts end, if their wishes are not taken into account.

But so far it has not been possible to reach a compromise between F1 commercial boss Bernie Ecclestone, who owns 25% of Slec through his Bambino Trust company, and the four banks that own the rest.

Faure said: "It has been too long sending proposals and counter-proposals - it's the same for us and the banks. If we can reach a compromise, it won't be long.

"If not, we will all go our own way. We all agree the time is now to reach a conclusion - either it's a compromise or a split.

"The only thing we ask is to have a say on the main issues - we are the actors."

Faure said that GPWC's first priority after concluding the business side of matters would be to address "the show", which he said needed to be improved.

Faure's optimism that the time for a deal was close is not shared by all the leading figures involved.

One boss of a top team said: "We won't reach agreement until 2007 - the very last minute.

"It is in the interest of Bernie and the banks to make things continue as they are� now as long as possible, because it keeps them earning money.