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Wednesday, July 24, 2024
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ESPN Scores U.S. Formula 1 Media Rights

  • ESPN is reportedly in agreement on a three-year deal for U.S. broadcast rights.
  • The deal is for $75 million to $90 million annually.
David Kirouac-USA TODAY Sports

Formula 1 is sticking with ESPN at a much higher price.

F1 and ESPN have agreed to a three-year contract for U.S. broadcast rights worth $75 million to $90 million annually, per Sports Business Journal.

Most races will be on ESPN or ABC, both of which are owned by Disney. ESPN will also have the option to air a certain number of races on its ESPN+ streaming service.

  • ESPN’s current deal, which was signed in 2019 and expires this year, was worth $5 million per year.
  • Amazon and Comcast also submitted bids but were informed by F1 that those proposals have been rejected. Amazon’s bid was reportedly around $100 million.

VW Companies Hit Brakes

Audi and Porsche are close to joining Formula 1, but first they want to make sure they get a look at the rules.

The two Volkswagen-owned motor companies were set to announce their entrance into the global racing series but are waiting on engine regulations for 2026 to be finalized. 

An announcement from the FIA World Motorsport Council was expected this month but has been pushed back to July. Once the regulations are announced, each company will have 15 days to decide to join Formula 1 in 2026.

Porsche is reportedly in advanced partnership talks with Red Bull Racing, the current leaders in the Constructors’ Championship.

Audi could partner with or even purchase Sauber’s Alfa Romeo team. The German brand may also connect with Aston Martin or Williams.

In April, Audi reportedly offered McLaren $718 million for a stake in its F1 unit.

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