Formula One (also Formula 1 or F1) is the highest class of single-seater auto racing sanctioned by the Fédération Internationale de l’Automobile (FIA) and owned by the Formula One Group. The FIA Formula One World Championship has been one of the premier forms of racing around the world since its inaugural season in 1950.
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The “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 (French for “grand prizes” or “great prizes”), which are held worldwide on purpose-built circuits and public roads.
The results of each race are evaluated using a points system to determine two annual World Championships: one for drivers, the other for constructors. Drivers must hold valid Super Licences, the highest class of racing licence issued by the FIA. The races are required to be held on tracks graded “1” (formerly “A”), the highest grade rating issued by the FIA. Most events are held in rural locations on purpose-built tracks, but there are several events in city centres throughout the world, with the Monaco Grand Prix being the most well-known.
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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 events were held for many years, but due to the increasing cost of competition, the last of these occurred in 1983. On 26 November 2017, Formula One unveiled its new logo, following the 2017 season finale in Abu Dhabi during the Abu Dhabi Grand Prix at Yas Marina Circuit. The new logo replaces F1’s iconic ‘flying one’, which has been the sport’s trademark since 1993
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