F1 confirm staggering new billion-pound TV deal

F1 has announced a new deal with British broadcaster Sky, understood to be worth a staggering £1 billion.

The extension will run to 2034, usurping an agreement in place through to the end of 2029, ensuring that Formula 1 remains on the satellite channel through into the next decade.

F1 has also confirmed a new contract with Sky Italia, through to 2032.

“Sky has always been a dedicated, trusted, and passionate partner since we began our relationship many years ago," said F1 CEO and president Stefano Domenicali.

"Their world-leading approach to live broadcasting, content creation, and behind-the-scenes analysis led by a truly amazing group of on-screen talent has made the difference in continuing to grow our sport in the UK, Ireland, and Italy, and I am delighted we will be taking our partnership into the next decade.

"I want to thank Dana [Strong, CEO] and all the team at Sky for their determination to get this deal in place and to continue to bring the excitement of Formula 1 to our passionate fans.”

For the five-year extension, it is understood that the contract is worth £200 million per year, equating to £1 billion over its duration.

This is an increase on the previous six-year contract from 2023 to 2029, worth an estimated £129 million per year.

Commenting on the deal, Strong said: "We’re proud of the role we’ve played in supporting the sport’s growth through world-class storytelling, innovation and long-term investment.

"This new agreement secures Sky as the home of Formula 1 for years to come, as the sport enters an exciting era with more British talent on the grid and rising stars like Kimi Antonelli.

"I want to thank Stefano and the F1 team for our continued partnership, which we’re excited to build on in the years ahead."