Formula One, abbreviated to F1, and also known as Grand Prix racing, is the highest class of auto racing defined by the Fédération Internationale de l'Automobile (FIA), motor sport's world governing body. The "formula" in the name is a set of rules, which all participants and cars must meet. The F1 world championship season consists of a series of races, known as Grand 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 F1 is a massive television event, with millions of people watching each race in more than 200 countries. According to research (Sport+Markt), the FIA Formula 1 is the top 10 most watched sports on TV, and potentially reaching out to 450 million motor sports enthusiasts in Asia.

Europe is Formula One's traditional centre and remains its leading market. However, Grand Prix have been held all over the world and, with new races in Bahrain, China, Malaysia, Turkey and the United States 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.