In a much rumoured move in recent weeks the BBC have confirmed it will be axing its Formula One coverage from the start of the 2016 Formula One season. It was widely expected that ITV would pick up the reigns where the BBC left off at the end of 2015, however in a surprise move outside bet Channel 4 have swooped in a signed a 3 year deal to host 10 live races (without adverts) starting at the season opening Australian Grand Prix in March. Yet to confirm its broadcasting team, chief executive David Abraham was understandably pleased with his channel's new addition: "Formula One 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.” Bernie Ecclestone commented: “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.” Explaining the decision by the BBC to drop its coverage of Grand Prix racing, BBC Director of Sport Barbara Slater says dropping F1 will help ease the financial pressures laid out by the Director General. “The Director General announced recently that the BBC needs to plug a £150 million annual gap in its finances from next year,” she wrote in a blog on the BBC website. “He outlined that two-thirds of the savings would come from 'scope' savings, meaning that the BBC would stop doing some of the things that we currently do. BBC Sport was asked to deliver approximately £35 million of these savings. ...and the BBC is announcing today that a significant chunk of BBC Sport's remaining 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.” The recent deal does not affect Sky Sports F1 exclusive live coverage of the sport. What do you think of the latest deal? Let us know in the comments below!