It was something of a surprise when ESPN was able to retain Formula 1 broadcast the rights in 2022. Netflix — which airs the wildly popular F1 docuseries “Drive to Survive” — was reportedly very interested in the rights. Had the world’s largest streamer won the rights, they would have represented the first regularly-scheduled live sporting event in Netflix history. While the streaming giant missed out on the rights three years ago, it could have a chance to rectify that soon, as new reporting indicates that ESPN is ready to walk away from the racing league.

Key Details:

• John Ourand of Puck reports that ESPN is pulling out of F1 negotiations.
• Netflix and NBC have already approached the racing league about its rights.
• F1 is seeking a raise from the $90 million per year it currently makes for its races.

John Ourand of Puck News says that ESPN is ready to walk away F1 negotiations. The network had been in an exclusive negotiating window with Formula 1 to see if there was mutual interest in renewing their deal past 2025, but channel executives have apparently told the racing league that it’s time to part ways.

Now, F1 is free to sign with any other media partner that it wants. Ourand reports that F1 had meetings with other potential distributors during the week of the Super Bowl, including Netflix and NBC. ESPN, meanwhile, is focused on finding the best uses for its money as it prepares to launch its new streaming service currently known as Flagship.

Netflix reportedly submitted a bid for F1 rights the last time they were available, only to be outdone by ESPN. But it could be a natural fit for the streamer, especially given the popularity of Formula 1: Drive to Survive.”

NBCUniversal might be a formidable opponent in the bidding process, however. The company is no stranger to sports rights and already owns a package of NASCAR Cup Series races for distribution on its linear channels, as well as Peacock. Having F1 and NASCAR under the same roof could be a potent draw for racing fans, so NBC definitely shouldn’t be counted out.

Will it be a sprint to the finish line? F1 reportedly wants a rights bump over the $90 million it was paid annually by ESPN, so it may come down to whichever outlet ponies up the most cash. But if Netflix is serious about getting its hands on live Formula 1 races, it appears to have a golden opportunity coming down the straightaway.

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