Unlike BBC tax, you have the choice to pay for Sky 
, but I bloody hate Sky. It's wrong that we should have to pay extra in addition to the TV licence fee for major sporting events that should be available for free to everyone, not just the well heeled. Even then once you've paid for Sky, you get an abundance of bloody commercial breaks every 5 minutes on most of their channels! So many of my friends and family that have Sky are being charged a fortune and are seriously thinking of switching to Virgin Media. 
Got to defend my employer Bob

With F1 though, there are no adverts during the race, or during the Qualifier sessions.
But simple fact is the BBC cannot afford to broadcast it any more, the rights along are approx £50 million per season, plus broadcasting costs. This will be second time in a row a broadcaster has pulled out of the contract early, ITV pulled out to fund football rights. So Bernie won't be letting them have it again.
Bernie has been quoted has saying he would sell them to Channel 5, but I doubt they could pick up the tab for it. Channel 4 is the most likely provider, as they did well with Test Cricket. But I doubt they could afford it either.
BBC's contract for F1 ends after the 2013 season, but there are strong rumors they want to end it at the end of the 2012 season, and just settle on paying the 2013 season rights, without broadcasting it

Would save BBC around 10 million, given there current strive to save money, its a strong possibility BBC will wave bye bye to F1 this season.