Formula One, also known as Formula 1 or simply F1, is the most expensive sport in the world. Its high-profile status, along with its world-wide popularity, generate a great degree of economic and even political interests. Fundamentally, it is a sport that involves races of high-speed automobiles on prepared circuits built for the purpose, or closed city streets.

Also known as the Grand Prix, the rules for this exciting, adrenaline-driven races were laid down by the Federation Internationale de l’Automobiles or FIA before the World Wars.

Formula One derives its name from the set of clear rules (the ‘formula’) laid down by the FIA, by which manufacturers and participants must abide during the races. Technology, grace, speed and safety, all are kept in mind while laying down these rules. Though spread around the world, the event is mainly Euro-centric. The first Grand Prix was held in England in 1950. Now, every year, a number of Grand Prix events are held at various venues around the world. A driver and a manufacturer are awarded the honor of being the best at the end of every session by FIA.

Since big money is involved in Formula 1, economic discords have plagued the smooth functioning of the game right from the early days. However, the Concord Agreement in 1981 has laid down clear rules as far as the regulation of the finances are concerned.

There are many big names in the history of F1 Racing. Mclaren, Williams, Renault and Ferrari, dubbed as the big four in the F1 circuit, have been the chief players. Drivers are major attractions of F1. The circuit has been graced by the presence of legendary drivers like Jean Manuel Fangio and Jim Clark of the early days to Ayrton Senna and Michael Schumacher in the modern times.