AP sources: F1, ESPN near rights deal with much higher price

By JOE REEDY
AP Sports Writer

Formula 1 is close to renewing its United States broadcast rights with ESPN, for an exponentially higher price. Two people with knowledge of the negotiations say the sides are close but have not finalized a deal for a three-year contract. One of the people says ESPN would pay in the range of $75 million to $90 million per year. The people spoke to The Associated Press on condition of anonymity because they weren’t authorized to discuss financial matters and the contract is still being negotiated. ESPN paid nothing for F1 rights in 2018 and has paid $5 million a year since. That means the price tag to keep F1 could be up to 18 times higher.