Claim: Michael Schumacher is a professional racer.

Formula One -LRB- also Formula 1 or F1 and officially the FIA Formula One World Championship -RRB- is the highest class of single-seat auto racing that is sanctioned by the Fédération Internationale de l'Automobile -LRB- FIA -RRB- . The FIA Formula One World Championship has been the premier form of racing since the inaugural season in 1950 , although other Formula One races were regularly held until 1983 . The `` formula '' , designated in the name , refers to a set of rules , to which all participants ' cars must conform . The F1 season consists of a series of races , known as Grands Prix -LRB- from French , meaning grand prizes -RRB- , held worldwide on purpose-built F1 circuits and public roads .   The results of each race are evaluated using a points system to determine two annual World Championships , one for drivers , one for constructors . The racing drivers are required to be holders of valid Super Licences , the highest class of racing licence issued by the FIA . The races are required to be held on tracks graded 1 -LRB- formerly A -RRB- , the highest grade a track can receive by the FIA . Most events are held in rural locations on purpose-built tracks , but there are several events in city centres throughout the world , with the Monaco Grand Prix being the most famous example .   Formula One cars are the fastest road course racing cars in the world , owing to very high cornering speeds achieved through the generation of large amounts of aerodynamic downforce . Formula One cars race at speeds of up to approximately 375 km/h with engines currently limited in performance to a maximum of 15,000 rpm . The cars are capable of lateral acceleration in excess of six g in corners . The performance of the cars is very dependent on electronicsalthough traction control and other driving aids have been banned since 2008and on aerodynamics , suspension , and tyres . The formula has radically evolved and changed through the history of the sport .   While Europe is the sport 's traditional base , and hosts about half of each year 's races , the sport 's scope has expanded significantly and an increasing number of Grands Prix are held on other continents . F1 had a total global television audience of 425 million people during the course of the 2014 season . Grand Prix racing began in 1906 and became the most popular type internationally in the second half of the twentieth century . The Formula One Group is the legal holder of the commercial rights .   With the cost of designing and building mid-tier cars being of the order of $ 120 million , Formula One 's economic effect and creation of jobs are significant , and its financial and political battles are widely reported . Its high profile and popularity have created a major merchandising environment , which has resulted in great investments from sponsors and budgets in the hundreds of millions for the constructors . Since 2000 the sport 's spiralling expenditures and the distribution of prize money favouring established top teams have forced complaints from smaller teams and led several teams to bankruptcy .   On 8 September 2016 it was announced that Liberty Media Corp. had agreed to buy Delta Topco , the company that controls Formula One , from private equity firm CVC Capital Partners for $ 4.4 billion in cash , stock and convertible debt . On 23 January 2017 it was confirmed that Liberty Media had completed its $ 8 billion acquisition of Delta Topco .