What Is Formula 1 Racing ?
Automobile racing has come forward leaps and bounds over the last 50 years; the thrill of the race, and seeing some of the worlds best drivers putting their skills on display is an experience second to none. With tracks and cars getting more and more advanced racers continue to be tested both in terms of driving skills and overall endurance.
So What’s Formula One ?
For many Formula One isn’t just automobile racing, it represents the top end of modern day motor racing putting the worlds best racing teams and drivers head to head over a gruelling 17 track season. Goverened by the Fédération Internationale de l’Automobile (FIA) the racing takes place on huge budgets, across the worlds most prestigous race tracks.
The single seat racing cars with top speeds of 300+ kilometers per hour are highly regulated by the FIA and the rules of the competition can often seem strict; but with big money on the line and a requirement to keep the sport safe it’s a necessary precaution to safe guard the sport and the teams involved.
Grand Prix - That’s A Funny Name
The term Grand Prix (which basically means “Grand Prize) was originally incorporated into the names of many popular and big budget car races; but in 1906, in Le Mans, France, it was the offical term reserved for use with the Formula One races only. The exception to this case is the United States, where Formula One racing is less popular, and Indy car racing takes precedence. Indy car which looks extremely similar to F1 racing with their single seater cars was establishment after the Indianapolis 500 in 1911. The Indianapolis 500 rivals Formula One in being known as one of the best car racing events in the world.
Multi Million Dollar Business
F1 Grand Prix’s are watched by millions in over 200 countries worldwide making it an extremely profitable sport. Merchandising ventures often bring in millions and you can imagine that the competition to win and carry the best sponsors is a highly lucrative field.
Overall the commercial rights for Formula One are vested on Alpha Prema, the owner of the Formula One Group; and the sport is controlled and promoted by Bernie Ecclestone.
F1 Team Spending
According to F1 Magazine, the total spending of all 10 teams in 2003 was estimated to be at $2,141,100,000; Of the 10 Ferrari had the top spot at $443,800,000 followed by Williams at $353,300,000, McLaren at $304,600,000 and Toyota at $290,400,000. Minardi posted the lowest at $ 39,600,000. As you can see a lot of money goes into making these cars what they are and no expense is spared.
The Race Tracks
Despite F1 having its roots in Europe (FIA’s headquarters is located in Place de la Concorde, Paris) the actual racing season is purely international affair with races taking place all over the world. Countries as far as China, Bahrain, Turkey, Malaysia and even the United States host some of the more newer Formula 1 Grand Prix’s.
Current Season
The 58th FIA Formula One World Championship season began on March 18 2008 and will end on October 21 2008. This season is significant because it’s the end of the existing Concorde Agreement between the existing Formula One constructors and Bernie Ecclestone where BMW, Mercedez Benz and Honda have disagreements on technical and financial matters with the FIA that has caused them to threaten the latter by staging their own series to rival Formula One.