Nah. Don't buy it. No team is bigger than the sport. It would survive, life would go on, other teams would climb the ranks.
The breakaway series they would invent could easily and instantly have cars 5 seconds a lap faster than f1 cars. The fact that f1 is the fastest race series is a huge pull for it and that would be gone, plus the fact that ferrari are by far the best supported team amongst fans. F1 needs ferrari.