The BBC said the move to sever ties with the Boat Race, which attracts around 7.7m viewers, was prompted by the event's organisers seeking to generate ever more sponsorship revenues.
In a statement the BBC said: "We are sad to announce that the BBC has decided to end its 50-year association with the Boat Race in the light of the organiser's desire to pursue a highly commercial agenda for this event.
"We are proud that our innovative coverage has helped build the Boat Race into the event that it currently is and one that has been brought to millions of homes."
The BBC said it intended to make the coverage of year's 150th Boat Race in March a fitting finale. It added that it would continue to concentrate on rowing at Olympic and World Championship levels.
A BBC spokesperson claimed that the decision referred to the event sponsorship and use of logos but would not be drawn further on the matter.
Beefeater Gin became the official sponsor of The Boat Race in 1988 and this year the race is sponsored by Aberdeen Asset Management.
However, in a tit-for-tat war of words ITV and the organisers of the race said that the BBC had failed to offer attractive enough proposals. The organiser said it rejected last-ditch efforts by the BBC.
Duncan Clegg, London representative of the Oxford and Cambridge boat clubs, said: "There certainly was an emotional attachment to the BBC but television is changing and ITV came to us with an extremely attractive proposal."
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