I already pay the BBC every year. I'd rather they didn't use a sizeable slice of their income on F1 personally, though I can see it matters to a lot of other folk. (Is the viewing demand for F1 that high? The BBC seems to talk about it a lot in recent times - not sure if this is as a reflection of actual high viewing interest or an attempt to drum up viewers in order to justify their spending).
Surprisingly, the British GP appeared in BBC1's most watched programmes for that week. It was 15th at 4.94 million. The probem with the ratings game is the beeb often use numbers to justify anything they want, you can come to almost any conclusion you like from their point of view - that F1 is crucial high profile sports viewership, that the ratings are poor etc.