Apple has submitted a bid worth at least $150 million a year for the U.S. rights to stream Formula 1 races starting in 2026, Business Insider reported on Friday, citing a source familiar with the negotiations.

A change in TV rights looks set to take place in America, with Apple expected to replace ESPN as the place to watch Formula 1 in the USA next year. ESPN have held the broadcasting rights for the pinnacle of motorsport over the last eight seasons,

ESPN has remained in the mix for retaining U.S. rights, but sources say Apple's offer greatly eclipses the sports media giant's bid