I can see what the producer is saying but it wont get cancelled.
Top Gear used to, once upon a time, be actually about testing cars and the like, now its more about the presenters doing stuff, funny stuff.
I think he is just bluffing, if it was to get cancelled the boys would just come back with another show on Sky or ITV and it would be just as funny and even less about cars.
It would be a stupid move by the BBC to cancel it.