Updated Wednesday, June 28, 2018 06:25:10The F1 paddock is buzzing about the latest news of the tyre crisis.

In a new twist, it’s not just the teams and teams are being warned of the dangers. 

With the tyres of Formula One being tested by the FIA, some are wondering if the teams can expect a big cost to their contracts, especially if the testing will be a year early and with a lot of testing taking place behind closed doors. 

The tyre problem has seen teams from around the world including McLaren, Mercedes and Red Bull have to abandon their races, but what does it mean for the sport as a whole? 

In the short term, there are some positives to come out of the crisis, with the FIA stating it will allow teams to return to competition as soon as possible. 

However, if the tyre tests are going to be delayed or cancelled, there is a risk that teams could be forced to cut their races short, leaving a gap in the schedule for many teams. 

There are also fears that the risk of the tyres overheating in practice could cause more issues in races and potentially put more stress on drivers’ bodies. 

For many teams, the tyre issue is more than just an annoyance but a huge issue in terms of financial losses. 

In January, Mercedes, the sport’s top team, announced that it would cut its race schedule for 2017-18, and it was only the third time that a team had done so since 2007. 

Now, in a move that could further undermine its chances of staying in F1, Mercedes is considering cutting its race plans from three to two races per year, from May to November, and from June to August. 

But that will not stop the pressure on the teams.

The new calendar is not good for them, as the races are too close together, and the teams are not sure how many races they can run. 

On top of that, a number of teams have been forced to cancel races because of tyre failures. 

Last month, it was reported that Renault had cancelled its race in Hungary due to tyre problems, with Lotus, Red Bull and Toro Rosso all cancelling their races in Italy. 

At the same time, there have been some positive developments in the way the tyre testing has been going, with Mercedes now admitting that the testing was a step in the right direction. 

So far, so good for Formula One, with many teams coming to terms with the problem, but with more problems to come? 

One thing is certain, however, as long as the tyre problems are not dealt with, the financial risks of a prolonged race schedule will not go away. 

As it stands, teams will need to make sure they have the funds to run their races if they want to stay in the sport, and that means some of them are unlikely to be able to. 

What are your thoughts on the tyres crisis?

Let us know in the comments below.