Jul.3 (GMM) F1 chief executive Bernie Ecclestone has ridiculed Max Mosley after the FIA announced plans to establish an ultra low cost Formula 2 feeder series.

Ecclestone, who spearheaded the burgeoning GP2 category that is not officially sanctioned by the governing body, scoffed at Mosley's assertion that F2 could be run for about 200,000 euros per car.

"A season of karting costs more," Ecclestone said in interview with Germany's Auto Motor und Sport.

"Maybe he will use lawnmower engines, but would that really be a feeder series for formula one?" the 77-year-old added.

The real conflict between the old allies is over the governance of formula one, with Mosley wanting to redistribute the commercial income that is controlled by Ecclestone and F1's owners, CVC.

Mosley has said he will not sign a new Concorde Agreement until Ecclestone agrees with his new ideas about how to share out the money.

"We take the money from racing events and media rights. We have contracts with all the teams, which lay down what percentage they receive.

If the FIA wants to hand out more money, then they are going to have to find it themselves," Ecclestone said.