The BBC has lost another jewel in the crown with the broadcast rights to the Boat Race going to rival Channel 4.

Insiders said the corporation’s director of sport appeared to show “very little enthusiasm” during negotiations.

It means the annual event staged on the River Thames between Oxford and Cambridge Universities – and first shown by the BBC in 1938 – will shown on a commercial channel from next year.

The move follows the BBC losing the rights to broadcast the Grand National to Channel 4 in 2012. Since 2017 exclusive free-to-air television rights have been held by ITV.

Channel 4 is set to be confirmed as new broadcast partner for the Boat Race, traditionally staged in early April, after agreeing a five-year deal for the event.

Figures involved in talks claimed Alex Kay-Jelski, who arrived as director of sport last year, suggested the event was too haughty, pompous, and bumptious with one saying: “The head of sport showed very little enthusiasm, believing that a showcase for London, the UK and two of our top universities is elitist.”

But the cash-strapped broadcaster categorically denied that with a source telling the Express it was purely a “return on investment decision” with the event seen as costly for the number of viewers it brings in.

In a statement the corporation said: “The BBC has been proud to broadcast the Boat Race over many years. Our decision not to continue reflects the difficult choices we need to make to ensure we deliver the best value for audiences with the money that we have. We are pleased the Boat Race will remain available free-to-air and wish all involved in the event every success for the future.”

Channel 4 moved to secure TV rights saying it was a “national event, watched by millions of people”.

ITV secured the rights between 2005 and 2009, but the Boat Race has been a mainstay of the BBC sporting schedules.

Sources involved in the talks described Channel 4 as being “super keen” on the event while the BBC was “lukewarm”.

Channel 4 head of sport Pete Andrews said “We are thrilled to have secured the rights to one of the most iconic amateur sports events in the British calendar.

“The Boat Race is rich in tradition and history and British interest in the event has never been stronger.

“We are committed to bringing the very best sports events to our audience, both from the UK and around the globe, and the Boat Race is the perfect example.

“It’s the crown jewel of the rowing calendar and consistently captures the imagination of the British public year after year, both on the side of the Thames and in living rooms across the country.

“In recent years, it has delivered some truly unforgettable moments, and we can’t wait to bring that excitement to our viewers next year.”

Channel 4 said its current portfolio of major sports events includes live matches from the Adobe Women’s FA Cup, Formula 1 highlights, the Uefa Under-21 Championship, and England’s home matches in Uefa Nations League and European qualifiers.

This year, the BBC’s live rights have included women’s European Football Championship and the Women’s Rugby World Cup. Match of the Day has also had a reboot, after Gary Lineker was forced to quit his role fronting the highlights show because of mounting anger at his increasingly outspoken political views, while TV rights have been retained for other major events, including the Olympics and World Cup.

The deal for Channel 4 will allow the broadcaster to mark 100 years of women rowing in 2027 and 200 years of the men’s in 2029.

The Boat Race, which is free to attend as a spectator, attracts 200,000 people to the riverbank and was watched by a peak audience of 2.82 million people in April as Cambridge University won both the men’s and women’s races.

In 2023 the BBC sparked anger among viewers when it axed its highlights show because matches ran too late into the evening.

The BBC’s partnership with Wimbledon is the longest running in sports broadcasting history, starting on radio in 1927 and television in 1937. The present contract, worth an estimated £60 million a year, runs until 2027.

Siobhan Cassidy, chairwoman of The Boat Race Company, said: “We are delighted to work with Channel 4 to broadcast our unique, iconic and intensely British event between our two world-leading universities.

“We know that this is a huge day out for Londoners, and our independent research has shown that Boat Race Day generates £13-15 million in economic impact for London.

“We are grateful to the support of our previous broadcast partners and have come a long way since our first radio commentary in 1927 and television pictures in 1938.

“We look forward to seeing how Channel 4 can portray the drama, excitement and heritage of the event on Easter Saturday 2026!”

Cambridge University, known as the Light Blues, won both races in 2025.