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Formula One, abbreviated to F1, is the highest class of auto racing sanctioned by the Fédération Internationale de l'Automobile (FIA). The "formula" in the name refers to a set of rules to which all participants and cars must comply (!!!!!!). The F1 World Championship season consists of a series of races, known as Grands Prix, held on purpose-built circuits, and to a lesser extent, former public roads and closed city streets. The results of each race are combined to determine two annual World Championships, one for drivers and one for constructors, with the drivers required to be holders of valid Super Licenses, the maximum racing license issued by the FIA.[2]

Formula One cars race at high speeds, up to 360 km/h (220 mph) with the engine revving up to 18,000 RPM. The cars are capable of pulling 5g in some corners. The performance of the cars is highly dependent on electronics, aerodynamics, suspension and tyres. The engine and transmission of a modern Formula One car are some of the most highly stressed pieces of machinery on the planet.[citation needed] The formula has seen many evolutions and changes through the history of the sport.

Europe is Formula One's traditional centre; all of the teams are based there and around half the races take place there. However, the sport's scope has expanded significantly in recent years and Grands Prix are held all over the world. Events in Europe and the Americas have been dropped in favour of races in Asia and the Middle East; Of the eighteen races in 2008, nine are outside Europe.

Formula One is a massive television event, with millions of people watching each race worldwide, the Formula One Group being the legal holder of the commercial rights. As the world's most expensive sport,[3] its economic effect is significant, and its financial and political battles are widely observed. On average about 55 million people all over the world watch Formula One races live. 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. However, due to the always increasing expenditures, several teams, including works teams from carmakers and teams with minimum support from the automotive industry or other F1 teams, have gone bankrupt or been bought out by other companies since 2000