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 Internationale de l'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 public 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 License, the highest class of racing license the FIA issues, and the races must be held on grade one tracks, the highest grade rating the FIA issues for tracks.
Formula One cars are the world's fastest regulated road-course racing cars, owing to very high cornering speeds achieved by generating large amounts of aerodynamic downforce. Much of this downforce is generated by front and rear wings, which have the side effect of causing severe turbulence behind each car. The turbulence reduces the downforce the cars following directly behind generate, making it hard to overtake. Major changes made to the cars for the 2022 season have resulted in greater use of ground effect aerodynamics and modified wings to reduce the turbulence behind the cars, with the goal of making overtaking easier. The cars depend on electronics, aerodynamics, suspension, and tyres. Traction control, launch control, and automatic shifting, and other electronic driving aids were first banned in 1994. They were briefly reintroduced in 2001, and have more recently been banned since 2004 and 2008, respectively.
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).