Formula One (F1) is the highest class of international racing for open-wheel single-seater formula racing cars sanctioned by the Fédération Internationale de l’Automobile (FIA). The World Drivers’ Championship, which became the FIA Formula One World Championship in 1981, has been one of the premier forms of racing around the world since its inaugural season in 1950. The word formula in the name refers to the set of rules to which all participants’ cars must conform. A Formula One season consists of a series of races, known as Grands Prix, which take place worldwide on both purpose-built circuits and closed public roads.
A points system is used at Grands Prix to determine two annual World Championships: one for drivers, the other for constructors. Each driver must hold a valid Super Licence, the highest class of racing license issued by the FIA. The races must run on tracks graded “1” (formerly “A”), the highest grade rating issued by the FIA.
Formula One cars are the fastest regulated road-course racing cars in the world, owing to very high cornering speeds achieved through the generation of large amounts of aerodynamic downforce. Much of this downforce is generated by front and rear wings, which have the side effect of causing severe turbulence behind each car. The turbulence reduces the downforce generated by a car following directly behind, making it hard to overtake. Major changes to the cars for the 2022 season have seen greater use of ground effect aerodynamics, and modified wings to reduce the turbulence behind the cars, with the goal of making overtaking easier. The cars are dependent on electronics and aerodynamics, suspension, and tires. Traction control, launch control, and automatic shifting, plus other electronic driving aids, were first banned in 1994. They were briefly reintroduced in 2001, and have more recently been banned since 2004 and 2008, respectively.
With the average annual cost of running a team – designing, building, and maintaining cars, pay, and transport – approximately US$265 million, its financial and political battles are widely reported. On 23 January 2017, Liberty Media completed its acquisition of the Formula One Group, from private-equity firm CVC Capital Partners for $8 billion. Wikipedia.