Sir Jackie Stewart believes the scandal surrounding FIA president Max Mosley could deter potential sponsors from Formula One.

The News of the World yesterday published further lurid allegations regarding the 67-year-old, who has so far maintained a defiant stance.

Mosley insisted he had "done nothing wrong" and that his actions were "harmless and completely legal".

However, three-times former world champion Stewart feels Mosley has failed to grasp the possible implications from a commercial standpoint, and the damage that could have on the sport.

Speaking in the paddock ahead of yesterday's Bahrain Grand Prix, Stewart said: "In this sport you are talking about multi-national corporations. What's going on right now could damage them, because ethics are part and parcel of daily business.

"If you were such an organisation and the chairman or CEO was excited about coming into F1, the marketing director might say, There's a lot of stuff going on at the moment, why don't we hold back until we see how they are going to handle it.' "So the sport is vulnerable when it comes to moral issues."

The 68-year-old Scot reiterated his call for Mosley to stand down, believing the sport's leadership "has to be whiter than white".

"If he was chief executive of the CBI Confederation of British Industry, the FA or the International Olympic Committee, he would have already stood down," added Stewart. "It demonstrates to me the power he believes he has that he does not have to do that."

Stewart feels Bernie Ecclestone "holds a very key role" in the situation as the F1 supremo has so far refused to condemn Mosley publicly, primarily as he is deputy president of the FIA.

"If he is going to listen to anybody, then he should listen to Bernie, because Bernie has been largely responsible for getting him where he is today."

At this stage, it appears Mosley will soldier on until a hearing of the extraordinary general assembly, who will decide his fate. As it takes 45 days' notice before the meeting can be convened, and then there are the logistics involved of getting the 222 members together at the same time, it is unlikely to take place before the end of May, stretching into June.

"I don't think he can hold on for that long," said Stewart.

"It's more to do with him saying I'm going to have to step down', than the Federation (FIA) having to vote. "Because seldom do you go to your own family and ask them if you are going to resign or not."