Speed loses rights to broadcast F1 in the US

Motorsport broadcaster Speed TV has lost the rights to televise Formula One throughout the United States from 2013, it confirmed in a short statement.

The channel has been the home of F1 in the US for some 17 years, but it's believed Formula One Management (FOM) has been in negotiations with other broadcasters to takeover the rights.

"Speed has been the U.S. voice of F1 since the mid '90s, and it is a passion for many people at the network," a Fox Sports statement read.

The deal could be good news for US based F1 fans who haven't enjoyed the best coverage. It's likely FOM will have demanded all races to be shown either live, or tape delayed during peak hours.

"Fox Sports Media Group made what we believed to be a fiscally responsible bid based on the sport's current viewership levels, but F1 has elected to go in another direction. We wish them well."

According to reports, NBC has won the rights after it outbid Speed TV. It's believed NBC Sports will carry the broadcast of all 20 races in 2013 and beyond as the interest in F1 ramps up ahead of the sports return to the US with two races next season; Austin and New Jersey.

NBC Sports spokesman Chris McCloskey refused to comment on the rumours without an official announcement having been made, which is expected in the coming weeks.