Formula 1 is to move to Channel 4 for the next three years
BBC Sport is going to stop broadcasting Formula 1 after ending its TV contract three years early.
The corporation has taken this step as part of cost-cutting measures.
BBC Sport has been advised to make £35m of budget cuts to be able to save £150m annually.
BBC sport director Barbara Slater said: “The current financial position of the BBC means some tough and unwanted choices have to be made.
“There are no easy solutions; all of the options available would be unpopular with audiences.”
Formula 1 is to move to Channel 4 for the next three years. The channel will broadcast 10 live races, including practice and qualifying sessions from 2016 to 2018.
Bernie Ecclestone, chief executive officer of the Formula One group said: “I am sorry that the BBC could not comply with their contract but I am happy that we now have a broadcaster that can broadcast Formula 1 events without commercial intervals during the race.
“I am confident that Channel 4 will achieve not only how the BBC carried out the broadcast in the past but also with a new approach as the World and Formula 1 have moved on.”
David Abraham, Channel 4 chief executive, said: “Formula 1 is one of the world’s biggest sporting events with huge appeal to British audiences. I’m delighted to have agreed this exciting new partnership with Bernie Ecclestone to keep the sport on free-to-air television.”