How is such a thing even possible?
Let's start with the fact that Formula One is a league, in much the same sense as NASCAR or the NFL. Teams that are signed up happen to be owned by some of the largest companies on Earth, but F1 is still a business unto itself, worth somewhere in the neighborhood of $7-9 billion. That's not minor, but neither is Apple's ridiculous cash stockpile, which is over $100 billion. Apple can buy F1 and barely break a sweat.
Apple TV and F1 is a match made in cyber-heaven
Globally, F1 is estimated to attract over 400 million viewers annually -- and that's in the midst of a slump. To put that into perspective, the NFL gets roughly half that. In many countries, including the US, F1 isn't even aired on free TV stations, and the sport has been moving towards a pay-per-view format for some time now. It's kind of the perfect set-up for Apple to air F1 races as a premium service on Apple TV, which itself could use a major revenue stream-inducing series to bring ever more users into the fold.