BBC to give up coverage of Formula 1 to cut costs

The BBC is poised to give up its coverage of Formula 1 in a bid to cut costs, handing its part of a joint deal with Sky Sports to ITV until the end of 2018.

Walking away from F1 with three years of the contract still left could save the BBC millions, even though it will have to pay compensation to F1 supremo Bernie Ecclestone for breaking their contract.

Giving up F1 would represent "the biggest loss from the latest round of swingeing cuts to its sports rights budget", reports the Daily Telegraph. "The BBC's shared deal with Sky Sports does not expire until the end of 2018 but it is determined to claw back as much as possible of the £12m a year it pays under that arrangement."

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Sport has borne the brunt of cutbacks at the BBC. The corporation gave up the final two years of its exclusive deal to show the Six Nations rugby, opting for a shared arrangement with ITV, and dropped its coverage of The Open golf a year early.

"The news that it has surrendered its Formula One rights to ITV is further embarrassment," says The Times. "Not least with Lewis Hamilton, the three-time world champion, one of the favourites to win the BBC Sports Personality of the Year award on Sunday evening."

However, the paper adds that "the BBC's loss is ITV's gain". It is expected to show the ten live races that the BBC would have broadcast, and provide highlights of the rest, it explains. Sky's deal is unlikely to remain unaffected.

After a largely underwhelming season of racing, F1 is anxious to retain its profile, notes the Telegraph. "Allowing ITV, rather than Sky, to inherit the BBC's races would demonstrate Ecclestone's eagerness to keep some of the sport free to air in the UK during an era of Hamilton dominance."