ESPN will pay $75m-$90m (£61m-£73m) per season for three years to renew their deal - meaning the agreement is at least 15 times higher than the existing partnership.

ESPN’s current deal with F1, penned three years ago, is worth $5m (£4m) per season.

The new contract remains unsigned, SBJ’s report states, but F1 have notified other interested parties (Amazon and Comcast) that an agreement is in place with ESPN.

Amazon’s offer was the largest, at $100m (£82m) per season, the report says.

Amazon intended to then sublicence to a linear network, whereas Comcast planned to broadcast via its Peacock service, plus NBC and USA Network.

Netflix made an offer to obtain the F1 broadcast rights in the US, but F1 did not want its product solely on a streaming service.

In the US currently, each F1 race has a viewership of approximately one million people.

The astronomical increase in value speaks volumes about the sport’s newfound popularity in the United States.

Netflix’s Drive To Survive series and the new F1 Miami Grand Prix, which saw celebrities attend in large quantities, are key factors.

F1 heads to Silverstone next weekend for the British Grand Prix where Max Verstappen will aim to extend his championship lead while Lewis Hamilton threatens to finally get his season up and running.