BBC said to be seeking deal to drop British free-to-air coverage of F1 in favour of ITV.
Currently, broadcasting half the races live and the remaining races as 'highlights', it was revealed recently that the BBC is considering ending its F1 deal early in an attempt to cut costs.
Last month it was revealed that the BBC needs to cut £35m from its sport budget in light of the freeze on the TV licence, the compulsory tax on viewers by which the corporation raises much of its annual £5bn revenue.
"Meeting this savings target will be tough, particularly given the high levels of inflation in the market," said the corporation's sports chief Barbara Slater. "We therefore anticipate this will lead to the loss of some existing rights and events.
"We have already made some tough choices which have contributed to the savings, for instance around the Open golf," she added. "However, we have also recently secured a series of important rights including Wimbledon, Premier League highlights, live coverage of Euro 2016 and 2020 football championships and Six Nations rugby shared with ITV."
In recent years, much to the frustration of fans, the BBC has 'lost' a number of high-profile sports, not least The Open (golf), which it gave up in favour of Sky a year before its contract was due to end, while earlier this week it was confirmed that live coverage of the Australian Open (tennis) is to be dropped.
The BBC was instrumental in helping (Bernie Ecclestone) develop Formula One from the 'niche' sport it was into a global phenomenon setting an example that most other sports have followed.
In a shock move in late 1996 however, Ecclestone sold the rights to ITV in a deal said to be worth £60m. Such was the secrecy behind the deal, legendary commentator Murray Walker only learned of the move when he heard it on the (radio) news.
Though it had a deal to broadcast F1 until the end of 2009, ITV eventually sought an early opt-out and after a twelve-year hiatus the sport returned to BBC in time for the 2008 season as part of a five-year deal.
In mid-2011 however, citing an unsatisfactory conclusion to its negotiations in terms of an increase to the licence fee, the BBC announced that a deal had been agreed which would see pay-per-view broadcaster Sky Sports show all the races whilst the 'beeb' would show just half the races live and the remainder as 'highlights'.
For those with a limited budget, an aversion to putting money into the coffers of Rupert Murdoch or simply those casual fans unable to justify paying to watch F1, it was a damaging blow.
Now, according to Broadcast the BBC is looking to offload its entire F1 package despite having a contract which runs until the end of 2018.
"The BBC is slashing costs," a source is quoted as saying. "Now it has started talking about cutting channels it is difficult for it to justify spending so much on sports rights and production."
"Securing the sport could provide a shot-in-the-arm for ITV, which is trying to lure male viewers following its loss of Champions League football to BT Sport from this season," says Broadcast.
Whilst the BBC would be faced with an early termination fee which could cost many millions, the broadcaster might consider this a price worth paying in the face of the need to cut costs.
While none of those involved is commenting on the situation it is likely that now the word is 'out there' negotiations will go into overdrive in order that ITV can be ready ahead of the new season which begins in just a couple of months.
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