With the BBC said to be considering dropping its F1 coverage, there are reports that Channel 4 has expressed an interest in taking over.

Unhappy with the government's freeze on the cost of the TV licence - a compulsory tax that all owners of TV sets in Britain are forced to pay to the BBC on threat of imprisonment - the broadcaster is looking to save money.

Consequently, it was recently revealed that the corporation - which receives £3.5bn annually from the licence fee - is considering dropping its coverage of both F1 and Wimbledon. Indeed, while its contract with F1 doesn't run out until the end of 2013, the BBC is said to be looking for an early opt-out.

The Evening Standard reports that Channel 4 bosses have held preliminary talks with a view to securing the sport, eyeing its "young male demographic".

While not willing to give too much away, a spokesman told the Standard: "There's a perception that Channel 4 isn't interested in sports but they've got the Paralympics next year and the IAAF athletics."

With (previous F1 broadcaster) ITV seemingly having neither the cash, nor the inclination, to make a bid for F1, Channel 4 is understood to have a large "cash pile" - which will be music to the ears of a certain Bernard Charles Ecclestone.

The bad news for F1 fans is that, like ITV, Channel 4 is a commercial station and other than losing all red button coverage fans would have to get used to ad breaks during race coverage again.