What Is Formula 1? The World's Most Advanced Racing Championship | Know F1 Ep. 01

Know Formula 1 • Episode 01

What Is Formula 1? The World's Most Advanced Racing Championship

Series: Know F1 • Reading Time: 5 Mins • Format: Web / Video Script Companion

Formula 1 is not merely motorsport; it is an unforgiving intersection of cutting-edge aerospace engineering, global logistics, multi-million-dollar financial strategy, and supreme athletic execution. Operating under the governance of the Fédération Internationale de l'Automobile (FIA), it stands as the undisputed pinnacle of open-wheel racing.

The Governance: FIA vs. Formula 1 vs. FOM

To grasp how F1 works, one must separate the regulator from the commercial engine:

• The FIA (Fédération Internationale de l'Automobile): The non-profit governing body that writes the Sporting, Technical, and Financial Regulations, enforces track safety, and handles race stewarding.
• Formula One Group / FOM (Formula One Management): Owned by Liberty Media, this entity manages commercial operations, broadcasting rights, calendar deals, and global marketing.

Two Championships in One Season

Every Grand Prix weekend feeds into two separate, parallel titles:

1. The World Drivers' Championship (WDC): Awarded to the individual driver who accumulates the highest points across the global calendar.
2. The World Constructors' Championship (WCC): Awarded to the team that amasses the most points combined across both of its cars. This determines hundreds of millions of dollars in prize money distributions.

Constructors vs. Customer Teams

Unlike spec series (such as IndyCar or Formula 2) where all competitors use identical chassis, an F1 team must design and manufacture its own aerodynamic surfaces and safety cells. Even if a team purchases customer engines or gearboxes, the car's aerodynamics remain proprietary intellectual property.