Eddie Jordan claims Formula One has been "robbed" after Michael Schumacher opted against a return to the sport on medical grounds.
Schumacher, a seven-time F1 world champion, had agreed to help out former team Ferrari and step in for Felipe Massa on a temporary basis after the Brazilian suffered head injuries at the Hungarian Grand Prix last month.
But the German has now abandoned the comeback after failing to shrug off a neck problem suffered in a motorbike accident in February.
Jordan, the founder and former owner of Jordan Grand Prix, a Formula One constructor which operated from 1991 to 2005, told TalkSport the German's decision is a major setback for F1.
"Lance Armstrong wouldn't compete in the Tour de France if he wasn't 100 per cent fit and Schumacher is exactly the same," said Jordan.
"But I am surprised it has taken this long (for him to make a decision).
"He has the speed but not the ability to go two hours in a race with his neck after the accident.
"Ferrari would have had the best medical people on the case but he is not up to the job. We have been robbed because I wanted to see how he could cope with these young guys."
Jordan questioned why Schumacher had put himself in a position to sustain the neck injury in the first place, adding: "What was he thinking with the bikes, he had rocks in his head."
The Irishman claimed Schumacher's decision to abandon his comeback will be a huge blow to Ferrari although he believes it may accelerate the timeframe for Massa's comeback and could even prompt a move to take Fernando Alonso from Renault.
"Massa has, thank goodness, made a huge recovery and this may give him the impetus to come back earlier and don't be surprised if he returns at Monza (on September 13)," said Jordan.
"But this is a huge setback for Ferrari. Schumacher needed to come back to inspire confidence and give them a boost, as the sport needs Ferrari.
"There are a number of drivers who won't get a drive next year and what's to say that Ferrari won't try to do a deal with (Renault managing director) Flavio Briatore as my information is that Alonso is going to Ferrari next year.
"Why don't they bring it forward? If I was Ferrari that is what I would try to do."