I was in the middle of typing this much earlier:
Sure, there must be lower overheads associated with producing websites compared to magazines, but there are still very significant costs involved.
Let's say you wanted to cover UK club racing on a commercial site. To cover race meetings alone with a journalist and photographer you're looking at at least £250/day (and possibly much more) to do it in any kind of depth (which you would have to do, otherwise what is the point?.) Say there's 12 days of action in any given weekend - that is £3,000. Say 36 racing weekends in the year - you're looking at £100,000 plus just to cover that.
You'd need perhaps one or two people working on it on a reasonably full time basis, so add in some salary costs. And some freelancers for features. Then starting thinking about other overheads.
I don't see how you can make it viable - I know that ff1600.co.uk wasn't, and we only covered a narrow segment.
In answer to Mr.Jingles - magazine-wise there isn't an awful lot of choice; nor is there anything truly credible online.
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