Formula 1

Formula One, commonly known as Formula 1 or F1, is the highest class of international racing for open-wheel single-seater formula racing cars sanctioned by the Fédération International de Automobile (FIA). The FIA Formula One World Championship has been one of the world's premier forms of racing since its inaugural running in 1950. The word formula in the name refers to the set of rules all participants' cars must follow.

A Formula One season consists of a series of races, known as Grands Prix. Grands Prix take place in multiple countries and continents on either purpose-built circuits or closed roads. A point-system is used at Grands Prix to determine two annual World Championships: one for the drivers, and one for the constructors (the teams). Each driver must hold a valid Super Licence, the highest class of racing licence the FIA issues, and the races must be held on grade one tracks, the highest grade rating the FIA issues for tracks.

With the average annual cost of running a team—designing, building, and maintaining cars, pay, transport—at approximately £220,000,000 (or $265,000,000), Formula One's financial and political battles are widely reported. The Formula One Group is owned by Liberty Media, which acquired it in 2017 from private-equity firm CVC Capital Partners for £6.4 billion ($8 billion).