UK public-service broadcaster BBC is considering ending its rights deal for the Formula One motor-racing championship three years early, with commercial broadcaster ITV poised to take over coverage of the series in the UK, according to the Daily Telegraph newspaper.
The BBC’s shared rights deal with pay-television broadcaster Sky is not due to expire until the end of the 2018 season, but the newspaper reports that the public-service broadcaster may end the deal early following cuts to its sports rights budget.
According to the newspaper, ITV could pick up the remaining three years of the rights contract through to the end of the 2018 season. The BBC may be forced to pay a termination fee.
The BBC reportedly pays £12m ($16.5m/€17.9m) per year for Formula One rights under the current shared deal with Sky.
Last month, Formula One chief executive Bernie Ecclestone said that he had rejected a request from the BBC to renegotiate the deal.
The BBC has already surrendered exclusive rights to the Six Nations rugby union national team competition in exchange for a shared rights deal with ITV. The corporation has also given up the last year of a rights deal for golf’s Open to Sky.