'''Formula One''', abbreviated to '''F1''', and also known as Grand Prix racing, is recognised as the highest class of auto racing in the world.
[''Toyota's global commitment to Motorsport'' http://www.toyotamotorsport.com.au/toyota/events/Content/0,4906,2816_1130,00.html www.toyotamotorsport.com.au Retrieved 27 August 2006] The "formula" in the name is a set of rules which all participants and cars must meet. The F1 season consists of a series of races, known as Grands Prix, held usually on purpose-built circuits, and in a few cases on closed city streets. The results of each race are combined to determine two annual World Championships, one for drivers and one for constructors. The cars race at speeds often greater than 300 km/h (187 mph). The formula introduces a number of restrictions and specifications that cars must meet. These are designed, amongst other things, to keep the ever-increasing cornering speeds in safe ranges. From 2006
[''FIA Rules & Regulations Sporting Regulations - 2006 season changes'' http://www.formula1.com/insight/rulesandregs/13/995.html www.formula1.com Retrieved 11 May 2006] engines have been restricted to normally-aspirated V8s with a displacement (capacity) of 2.4 litres (providing around 800 bhp 560 kW at nearly 20,000 rpm). The performance of the cars is highly dependent on electronics, aerodynamics, suspension and tires. The formula has seen many evolutions and changes through the history of the sport. There have been many different types of engines; normally aspirated, supercharged and turbocharged, ranging from straight-4 to H16, with displacements from 1.5 litres to 4.5 litres. The maximum power achieved in the history of the series was around 1200 bhp in racing trim, during the 1980s turbo era.
Europe is Formula One's traditional centre and remains its leading market. However, Grands Prix have been held all over the world, and with new races in Bahrain, China, Malaysia and Turkey since 1999, its scope continues to expand. As the world's most expensive sport, its economic effect is significant, and its financial and political battles are widely observed. Its high profile and popularity makes it an obvious merchandising environment, which leads to very high investments from sponsors, translating into extremely high budgets for the constructor teams. In recent years several teams such as Prost and Arrows have gone bankrupt.
The sport is regulated by the Fédération Internationale de l'Automobile (International Automobile Federation more commonly abbreviated as FIA), with its headquarters in Place de la Concorde, Paris. Its current president is Max Mosley. Formula One's commercial rights are vested in the Formula One Group, now owned by Alpha Prema. Although now a minority shareholder, the sport is still generally promoted and controlled by Bernie Ecclestone.
History
:''See 2006 Formula One season for details of the current season.''
The Formula One series has its roots
