I wonder if they had already committed to horse racing before they knew the BBC would drop F1, and ITV execs said no to having both.And today with have the reason why ITV did not to return to F1, they chose to spend their cash on horse racing.
Horse racing > Formula One. At this rate F1 highlights will be lucky to get on ITV4 in five years time.
Clearly Channel 4 are better off though, there's probably more horsepower in a single F1 engine than all the horses that will be seen on ITV's horse racing coverage combined.