Alfa Romeo's CEO still isn't sure if the Ferrari-linked Italian carmaker will stay in Formula 1 beyond 2023.
After the season finale this year, the naming deal with Sauber expires.
"We have gone our separate ways," Alfa Romeo CEO Jean-Philippe Imparato, referring to the Swiss-based team's 2026 works deal and buyout by Audi, said.
"We have to choose now which category of motorsport we remain in," he added.
"Alfa Romeo's DNA is motor racing. At the same time, we need to be realistic about the economic impact of our racing program, so we have not yet decided what steps we will take."
What he is ruling out is buying into another Formula 1 team.
"I can't even think of such a big investment," Imperato insisted. "With the money that would be needed to buy a team and grow it, you could do something completely different - like a new road car.
"Investing all our money in motor racing doesn't fit with our vision."
Having said that, he says the return on investment of the naming deal at Sauber has been "20 times" the cost.
Therefore, staying in F1 as a sponsor cannot be ruled out.
"We'll be talking about it in June," the CEO reveals. "We'll make a decision internally at the end of May and then announce it either at the Le Mans classic or the British GP or both.
"I love motorsport, and I know that Formula 1 is preeminent. I also love the history of Alfa Romeo, and that history belongs to Formula 1 and to sports cars."
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