Date: 21st December 2015 at 12:09pm
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The BBC have cancelled their contract to broadcast Formula One with immediate affect, ending their deal with F1 three-years early.

The corporation have cut the budget available to BBC Sport by £35million for 2016 and to make up some of that shortfall, they opted to drop Formula One.

‘The current financial position of the BBC means some tough and unwanted choices have to be made,’ said BBC’s director of sport Barbara Slater to the BBC.

‘A significant chunk of BBC Sport’s savings target will be delivered through the immediate termination of our TV rights agreement for Formula 1, Any decision to have to stop broadcasting a particular sport or sporting event is hugely disappointing and taken reluctantly.

‘There are no easy solutions; all of the options available would be unpopular with audiences.’

The BBC have been the primary home of Formula One for many years, with the exception of a brief stint on ITV.

But the BBC regained the F1 broadcast rights from ITV in 2009 only to then suffer another savings cut which saw a deal agreed to share the broadcast rights with Sky Sports since the 2012 season.

The BBC’s live 10 races will now switch to Channel 4.