This could be because the existence of the world's highest class of auto racing is hanging by a thin thread, or as The Times of London put it, “Formula One has reached its Armageddon.”

At the heart of the crisis is the decision by F1's governing body, the Federation Internationale de l'Automobile (FIA), to institute an optional 40-million-pound (US$65 million) budget-cap to the teams as a way to help save money under the current economic climate.

Under the budget-capping rule, the FIA will reward extra technical freedom to teams that opt for an annual budget of 40 million pounds or lower.

In a sport where cutting-edge technology and the split of a second determine the podium order, technical freedom can be the difference between winning and losing.

Forty million pounds is a lot of money, but in the world's most expensive sport it does not amount to much.

It is only a little more than one-tenth of the budget of the top team.

In protest of such budget-cap, most of the top teams, including Ferrari, McLaren Mercedes and the current leader Brawn GP, threatened to break away from F1 to start their own series.

If the teams' threat turns out to be more than the usual political positioning before negotiation with the FIA, F1 racing will be seriously hampered.

The F1 conundrum is only one of the bad news in the world of sports in recent years.

The under-age problem of China's women gymnasts embarrassed Beijing in an otherwise outstanding 2008 Olympics performance.

In Taiwan, the nation's favorite sport, baseball, is plunged by gambling and game rigging.

In the U.S. Major League Baseball, on the other hand, a number of great players have been caught using performance enhancement drugs.

The inclination to argue, to gamble or to cheat is as old as history itself.

The recent problems plaguing the sports industry, however, are the manifestation of a different phenomenon.

The Wall Street Journal recently brought to attention “post-game etiquette” as Cleveland Cavaliers forward LeBron James left the court without shaking hands with Magic players after the NBA post-season match in which Cleveland was eliminated from the final games by Orlando.

James defended his decision, saying: “If somebody beats you up, you're not going to congratulate them.”

Former NHL player, Islanders' Billy Smith put it more directly: A handshake is hypocritical when “there's a lot of money and your livelihood at stake.”

Nobel laureate writer J.M. Coetzee wrote about the transformation of sports in the modern age “from sporting competition as a recreation...to sports as an entertainment staged for masses of paying spectators by businessmen employing professional contestants.”

Although words with recreation overtones such as “player” and “game” are still used in sports, too much is at stake in professional athletic matches to regard them simply as games.

In fact, sports have become another industry that is “too big to fail.”

Failure, or even the acceptance of failure, is not an option when the outcome of a competition involves the careers of a large number of people: Athletes, coaches, trainers, agents, sports reporters, sports equipment producers ... etc.

The loss of innocence in sports is regrettable but it has already been lamented by countless commentators.

What is even more troubling is that major sports players seem like they don't even care about maintaining the illusion of sportsmanship.

The idea of “sports as business” is damaging as it sets a bad example for the younger generation. It reduces the credibility and by extension the enjoyment of sports.

Barry Bonds' all-time Major League Baseball home run record of 762 could have attracted more celebration had it not been overshadowed by Bonds' steroids scandals.

More importantly, sports are not only a source of entertainment but also of inspiration and guidance to many people. Numerous motivational movies are based on the real life stories of inspiring athletes.

One does not need to be a winner to inspire. Generations of great athletes brought out the best of humanity through their dedication to sports purely for the love of the game.

It will be a pity if such inspiring examples are lost in the age of multibillion-budget sports.