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Formula One
From Wikipedia, the free encyclopedia
Formula One, abbreviated to F1, is the highest class of defined by the Fédération Internationale de l'Automobile (FIA), motor sport's world governing body. The "formula" in the name is a set of rules which all participants and cars must meet. The F1 world championship season consists of a series of races, known as Grands Prix, held usually on purpose-built circuits, and in a few cases on closed city streets. The results of each race are combined to determine two annual World Championships, one for drivers and one for constructors.

It is a massive television event, with millions of people watching each race in two hundred countries. The cars race at high speeds, often greater than 320 km/h (200 mph), and are capable of pulling up to 5g in some corners. The performance of the cars is highly dependent on electronics, aerodynamics, suspension and tyres. The formula has seen many evolutions and changes through the history of the sport.

Europe is Formula One's traditional centre and remains its leading market. However, Grands Prix are held all over the world and, with new races in Bahrain, China, Malaysia, Turkey and the United States since 1999, its scope continues to expand with Singapore scheduled to hold the first night race in 2008 and India being added to the schedule starting in 2010. Of the seventeen races in 2007, nine are outside Europe. As the world's most expensive sport, its economic effect is significant, and its financial and political battles are widely observed. Its high profile and popularity makes it an obvious merchandising environment, which leads to very high investments from sponsors, translating into extremely high budgets for the constructor teams. In recent years several teams have gone bankrupt or been bought out by other companies.

The sport is regulated by the FIA. Formula One's commercial rights are vested in the Formula One Group.
History
Main article: History of Formula One
See 2007 Formula One season for details of the 2007 season
2006 Brazilian GP.
2006 Brazilian GP.
The Formula One series has its roots in the European Grand Prix Motor Racing (q.v. for pre-1947 history) of the 1920s and 1930s. The "formula" is a set of rules which all participants and cars must meet. Formula One was a new formula agreed after World War II in 1946, with the first non-championship races being held that year. A number of Grand Prix racing organisations had laid out rules for a World Championship before the war, but due to the suspension of racing during the conflict, the World Drivers' Championship was not formalised until 1947. The first world championship race was held at Silverstone, United Kingdom in 1950. A championship for constructors followed in 1958. National championships existed in South Africa and the UK in the 1960s and 1970s. Non-championship Formula One races were held for many years but, due to the rising cost of competition, the last of these occurred in 1983.

The sport's title, Formula One, indicates that it is intended to be the most advanced and most competitive of the many racing formulae.[citation needed]