OK, my reading is that to get the sports channels would cost a minimum of £20 a month or £240 a year.
F1 costs £12.99 a meeting (I'm assuming the bad end of "£12") or £220.83 a year.
So it's pretty even I'd say. Further debatable is whether the football benefits remotely as well from Interactivity. There's no direct equivilent of the onboard cameras for instance.
Of course you get some other sport for your cash but whether or not it interests you is debatable.