Formula One (F1) is the highest class of worldwide racing for open-wheel, single-seater formula racing cars run by Formula One Group and sanctioned by the Fédération Internationale de l'Automobile (FIA). The FIA Formula One World Championship has been one of the world's premier forms of motorsport since its inaugural running in 1950 and is often considered to be the pinnacle of motorsport. The word formula in the name refers to the set of rules all participant 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 points scoring system is used at Grands Prix to determine two annual World Championships: one for the drivers, and one for the constructors—now synonymous with 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 circuits.

F1 is owned by Liberty Media Corporation, acquired in 2017 for an estimated $8 billion, previously owned by British business magnate Bernie Ecclestone. The new ownership added five Grands Prix to the calendar: Miami, Las Vegas, Saudi Arabia, Qatar and Dutch.

Formula One cars are the world's fastest regulated road-course racing cars, owing to high cornering speeds achieved by generating large amounts of aerodynamic downforce, most of which is generated by front and rear wings, as well as underbody tunnels. The cars depend on electronics, aerodynamics, suspension, and tyres. Traction control, launch control, automatic shifting, and other electronic driving aids were first banned in 1994. They were briefly reintroduced in 2001 but were banned once more in 2004 and later 2008.

With the average annual cost of running a team—e.g., designing, building, and maintaining cars; staff payroll; transport—at approximately £193 million as of 2018 (though the cost cap stands at US$215 million), Formula One's financial and political battles are widely reported. The United Kingdom is the hub of Formula One racing, with six out of the eleven teams based there.

Formula One&nbsp;(F1) is the highest class of worldwide&nbsp;<a href="https://en.wikipedia.org/wiki/Motorsport">racing</a>&nbsp;for&nbsp;<a href="https://en.wikipedia.org/wiki/Open-wheel">open-wheel</a>, single-seater formula&nbsp;<a href="https://en.wikipedia.org/wiki/Auto_racing">racing cars</a>&nbsp;run by&nbsp;<a href="https://en.wikipedia.org/wiki/Formula_One_Group">Formula One Group</a>&nbsp;and sanctioned by the&nbsp;<a href="https://en.wikipedia.org/wiki/F%C3%A9d%C3%A9ration_Internationale_de_l%27Automobile">F&eacute;d&eacute;ration Internationale de l'Automobile</a>&nbsp;(FIA). The&nbsp;FIA Formula One World Championship&nbsp;has been one of the world's premier forms of&nbsp;<a href="https://en.wikipedia.org/wiki/Motorsport">motorsport</a>&nbsp;since its&nbsp;<a href="https://en.wikipedia.org/wiki/1950_Formula_One_season">inaugural running in 1950</a>&nbsp;and is often considered to be the pinnacle of motorsport. The word&nbsp;<a href="https://en.wikipedia.org/wiki/Formula_racing">formula</a>&nbsp;in the name refers to&nbsp;<a href="https://en.wikipedia.org/wiki/Formula_One_regulations">the set of rules</a>&nbsp;all participant cars must follow. A Formula One season consists of a series of races, known as&nbsp;<a href="https://en.wikipedia.org/wiki/List_of_Formula_One_Grands_Prix">Grands Prix</a>. Grands Prix take place in multiple countries and continents on either purpose-built&nbsp;<a href="https://en.wikipedia.org/wiki/List_of_Formula_One_circuits">circuits</a>&nbsp;or closed roads.
A&nbsp;<a href="https://en.wikipedia.org/wiki/List_of_Formula_One_World_Championship_points_scoring_systems">points scoring system</a>&nbsp;is used at Grands Prix to determine two annual World Championships:&nbsp;<a href="https://en.wikipedia.org/wiki/List_of_Formula_One_World_Drivers%27_Champions">one for the drivers</a>, and&nbsp;<a href="https://en.wikipedia.org/wiki/List_of_Formula_One_World_Constructors%27_Champions">one for the constructors</a>&mdash;now synonymous with teams. Each driver must hold a valid&nbsp;<a href="https://en.wikipedia.org/wiki/Super_Licence">Super Licence</a>, the highest class of racing licence the FIA issues, and the races must be held on&nbsp;<a href="https://en.wikipedia.org/wiki/List_of_motor_racing_circuits_by_FIA_grade#Grade_One">Grade One tracks</a>, the highest grade rating the FIA issues for circuits.
F1 is owned by&nbsp;<a href="https://en.wikipedia.org/wiki/Liberty_Media">Liberty Media Corporation</a>, acquired in 2017 for an estimated $8 billion, previously owned by British business magnate&nbsp;<a href="https://en.wikipedia.org/wiki/Bernie_Ecclestone">Bernie Ecclestone</a>. The new ownership added five Grands Prix to the calendar:&nbsp;<a href="https://en.wikipedia.org/wiki/Miami_Grand_Prix">Miami</a>,&nbsp;<a href="https://en.wikipedia.org/wiki/Las_Vegas_Grand_Prix">Las Vegas</a>,&nbsp;<a href="https://en.wikipedia.org/wiki/Saudi_Arabian_Grand_Prix">Saudi Arabia</a>,&nbsp;<a href="https://en.wikipedia.org/wiki/Qatar_Grand_Prix">Qatar</a>&nbsp;and&nbsp;<a href="https://en.wikipedia.org/wiki/Dutch_Grand_Prix">Dutch</a>.
<a href="https://en.wikipedia.org/wiki/Formula_One_cars">Formula One cars</a>&nbsp;are the world's fastest regulated&nbsp;<a href="https://en.wikipedia.org/wiki/Road_racing">road-course</a>&nbsp;racing cars, owing to high cornering speeds achieved by generating large amounts of aerodynamic&nbsp;<a href="https://en.wikipedia.org/wiki/Downforce">downforce</a>, most of which is generated by front and rear wings, as well as&nbsp;<a href="https://en.wikipedia.org/wiki/Ground_effect_(cars)">underbody tunnels</a>. The cars depend on electronics,&nbsp;<a href="https://en.wikipedia.org/wiki/Aerodynamics">aerodynamics</a>,&nbsp;<a href="https://en.wikipedia.org/wiki/Car_suspension">suspension</a>, and&nbsp;<a href="https://en.wikipedia.org/wiki/Formula_One_tyres">tyres</a>.&nbsp;<a href="https://en.wikipedia.org/wiki/Traction_control">Traction control</a>,&nbsp;<a href="https://en.wikipedia.org/wiki/Launch_control_(automotive)">launch control</a>,&nbsp;<a href="https://en.wikipedia.org/wiki/Automatic_shifting">automatic shifting</a>, and other&nbsp;<a href="https://en.wikipedia.org/wiki/Advanced_driver-assistance_systems">electronic driving aids</a>&nbsp;were first banned in&nbsp;<a href="https://en.wikipedia.org/wiki/1994_Formula_One_World_Championship">1994</a>. They were briefly reintroduced in&nbsp;<a href="https://en.wikipedia.org/wiki/2001_Formula_One_World_Championship">2001</a>&nbsp;but were banned once more in&nbsp;<a href="https://en.wikipedia.org/wiki/2004_Formula_One_World_Championship">2004</a>&nbsp;and later&nbsp;<a href="https://en.wikipedia.org/wiki/2008_Formula_One_World_Championship">2008</a>.
With the average annual cost of running a team&mdash;e.g., designing, building, and maintaining cars; staff payroll; transport&mdash;at approximately&nbsp;<a href="https://en.wikipedia.org/wiki/Pound_sterling">&pound;</a>193 million as of 2018 (though the&nbsp;<a href="https://en.wikipedia.org/wiki/Formula_One#Cost_cap">cost cap</a>&nbsp;stands at&nbsp;<a href="https://en.wikipedia.org/wiki/United_States_dollar">US$</a>215 million), Formula One's financial and political battles are widely reported. The&nbsp;<a href="https://en.wikipedia.org/wiki/United_Kingdom">United Kingdom</a>&nbsp;is the hub of Formula One racing, with six out of the eleven teams based there.

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