Formula One (commonly abbreviated to F1 and often written as Formula 1) is the premier open-wheel single-seater racing competition in the world. Debuting in 1946, with the first World Championship contested in 1950, the formula is governed by the FIA, and falls subject to the contractual terms of the Concorde Agreement.
Currently, the Formula One World Championship is contested by 10 teams, each with at least 2 drivers, over a total of 20 rounds (Grands Prix). Up to 25 points are awarded to the top ten drivers in each event, and the driver with the most points at the end of the season wins the Drivers' World Championship. Points acquired by a team's driver also count towards the Constructors' World Championship.
F1 is run subject to two sets of rules: the FIA Technical Regulations and FIA Sporting Regulations, each formed and governed by the FIA. The Technical Regulations define the structure, design and performance of cars and equipment used by teams in Formula One. The Sporting Regulations determine the rules and regulations of Grand Prix racing.
Also of note is the Concorde Agreement, a contractual agreement between the teams and the FIA which contains details of membership fees, prize money and other financial terms. The terms of this agreement, which is the sixth of its type, is a highly guarded secret. A seventh Concorde Agreement is due to become active in 2013.
Current Drivers and TeamsEdit
- Main article: Formula One Records
Drivers' World ChampionsEdit
Constructors' World ChampionsEdit
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