Barney Francis, Managing Director of Sky Sports, which will broadcast all F1 sessions and races from next season, has given further insight into the controversial deal.

Speaking at the Sport Industry Breakfast Club he revealed that the shock deal was put together within 48 hours of the initial approach.

"It was presented to us in the summer. We had a very short time span to get involved and we showed great agility to move and secure those rights. It was all done in a couple of days," he said.

The deal sees Sky takes over as main F1 broadcaster in the UK, showing all races, qualifying and practice sessions. The BBC will maintain live coverage of ten races with the rest shown delayed, though precise details have yet to be announced, as has the pricing structure of Sky's coverage.

Despite having a couple of years of its contract to run, the BBC opted to approach Sky - rather than its rival terrestrial broadcasters ITV, Channel 4 and Five - in an attempt to save money for other sports. While the BBC claims that it was forced into the deal because of cuts to its budget, the reality is that there is no cut instead the government refused to allow the BBC to increase the cost of the licence instead freezing it at £145.50.

At the same time, the British broadcaster, in its attempt to hang on to Wimbledon and the Six Nations, is understood to have bid an astonishing £300m for a deal lasting up until 2017 though Francis admits that these, together with the Derby and the Grand National, are on Sky's shopping list.

There was talk in the foreign media at the weekend that despite his denials, Martin Brundle has agreed a deal with Sky, the former F1 star understood to be partnering David 'Dr Hibbert' Croft, while Georgie Thompson remains favourite to grab the presenting role despite her recent conviction for drink-driving.

Thankfully, Sky is said to be keen to secure the services of Ted Kravitz, though not Eddie Jordan. David Coulthard, is understood to be remaining with the BBC.