Formula One (more commonly known as Formula 1 or F1) is thehighest class of international racing for open-wheel single-seater formularacing cars sanctioned by the Fédération Internationale de l'Automobile (FIA).The FIA Formula One World Championship has been one of the premier forms ofracing around the world since its inaugural season in 1950. The word formula inthe name refers to the set of rules to which all participants' cars mustconform.[1] A Formula One season consists of a series of races, known as GrandsPrix. Grands Prix take place in multiple countries and continents around theworld on either purpose-built circuits or closed public roads. A points system is used at Grands Prix to determine twoannual World Championships: one for the drivers, and one for the constructors(the teams).

Each driver must hold a valid Super Licence, the highest class ofracing licence issued by the FIA,[2] and the races must be held on tracksgraded "1", the highest grade-rating issued by the FIA for tracks.[2] Formula One cars are the fastest regulated road-courseracing cars in the world, owing to very high cornering speeds achieved throughthe generation of large amounts of aerodynamic downforce. Much of thisdownforce is generated by front and rear wings, which have the side effect ofcausing severe turbulence behind each car. The turbulence reduces the downforcegenerated by the cars following directly behind, making it hard to overtake.

Major changes made to the cars for the 2022 season has seen greater use ofground effect aerodynamics and modified wings to reduce the turbulence behindthe cars, with the goal of making overtaking easier.[3] The cars are dependenton electronics, aerodynamics, suspension and tyres. Traction control, launchcontrol, and automatic shifting, plus other electronic driving aids, were firstbanned in 1994. They were briefly reintroduced in 2001, and have more recentlybeen banned since 2004 and 2008, respectively.[4] With the average annual cost of running a team – designing,building, and maintaining cars, pay, transport – being approximately £220,000,000 (or $265,000,000),[5] its financial and political battles arewidely reported.

On 23 January 2017, Liberty Media completed its acquisition ofthe Formula One Group, from private-equity firm CVC Capital Partners for£6,600,000,000 (or $8,000,000,000).

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