Who Started Formula 1 And Who Owns It Now?
Have you ever wondered who founded Formula 1?
Formula 1, as a recognized world championship, was founded in 1950, but its roots can be traced back to the earlier Grand Prix motor racing of the 1920s and 1930s. The person most closely associated with founding Formula 1 in its current form is not a single individual but rather a collective effort involving drivers, teams, and governing bodies, particularly the Fédération Internationale de l'Automobile (FIA).
The transition from pre-war Grand Prix racing to what would become Formula 1 was largely driven by the need for a standardized set of rules governing car design and racing competition. In 1946, the FIA established the Formula One regulations, which specified a set of rules regarding engine size and vehicle weight. This new formula was aimed at creating a more competitive and accessible racing environment, distinguishing it from the varied regulations that had existed before.
The first race to be held under these new Formula One regulations took place at Turin, Italy, in 1946, but it wasn't until 1950 that the FIA inaugurated the World Drivers' Championship, marking the official beginning of the Formula 1 World Championship as we know it today.
The first race of this championship was the British Grand Prix held at Silverstone on May 13, 1950.
Behind the scenes, key figures in the automotive and racing industries played pivotal roles in shaping the championship. Individuals such as Enzo Ferrari, founder of the Ferrari racing team, and drivers like Juan Manuel Fangio, who would go on to become one of the sport's first superstars, were instrumental in popularizing the sport and developing its early competitive landscape.
Additionally, the FIA and its then-president, the Parisian lawyer Jean-Marie Balestre, significantly influenced the formalization and organization of the championship. Their efforts to standardize rules, improve safety, and promote international competition helped transform Formula 1 into a globally recognized sporting event.
What was Bernie Ecclestone’s role in Formula 1?
Ecclestone's significant impact on Formula 1 began in the late 1970s when he founded the Formula One Constructors Association (FOCA), uniting the teams to negotiate television rights collectively. This move was a game-changer for the sport, shifting the power balance from the Fédération Internationale de l'Automobile (FIA) and race organizers to the teams and Ecclestone himself.
Bernie Ecclestone became a key figure in the commercial transformation of Formula 1, pioneering the sale of TV rights, which dramatically increased the sport's revenue and global popularity
His approach to marketing and negotiating contracts turned Formula 1 into a lucrative global brand. Ecclestone's vision extended beyond just the commercial; he also played a role in improving the sport's safety standards, race quality, and global reach. Under his leadership, the Formula 1 calendar expanded to include new and exotic locations, thereby increasing its appeal to a worldwide audience.
Lukas Gorys, 21.10.2010, Yeongam (Korea), Lewis Hamilton, Fernando Alonso; Mark Webber, Bernie Ecclestone, Jenson Button, Sebastian Vettel
In 1995, Ecclestone secured a 100-year commercial rights deal for Formula 1 with the FIA, further cementing his control over the sport's commercial aspects. This deal allowed him to manage the promotion, broadcasting, and advertising of the entire Formula 1 championship.
However, Ecclestone's tenure was not without controversy. His autocratic style, sharp business practices, and various legal challenges over the years sparked criticism and debate. Despite these controversies, his impact on the sport is undeniable, with many crediting him with the professionalization and global expansion of Formula 1.
Ecclestone's direct involvement in Formula 1's day-to-day management diminished after Liberty Media's acquisition of the sport in 2017, when he was appointed Chairman Emeritus. This marked the end of an era, transitioning Formula 1 into new hands but leaving Ecclestone's legacy as a defining era in the sport's history.
Who currently owns Formula 1?
Formula 1 is currently owned by Liberty Media Corporation, a multinational conglomerate dealing in mass media, communications, and entertainment. Liberty Media, which is based in the United States, acquired Formula One Group in 2017, marking a significant shift in the governance and commercial management of the sport.
The acquisition of Formula One by Liberty Media was completed in January 2017 for an estimated value of $4.4 billion.
This move transferred the ownership from CVC Capital Partners, a private equity firm that had been the major shareholder since 2006. Liberty Media restructured its operations and placed Formula 1 under a newly formed subsidiary, the Formula One Group. This group oversees the promotion of the F1 World Championship, one of the premier forms of racing around the world, and holds the commercial rights to the sport.
Under Liberty Media's ownership, Formula 1 has seen a series of changes aimed at improving the sport's global footprint, fan engagement, digital presence, and competitive balance. Liberty Media has focused on expanding Formula 1's reach through digital platforms, improving the race calendar to include new and exciting locations, and enhancing the overall fan experience both on and off the track. Efforts have also been made to make the sport more sustainable and environmentally friendly, with plans to achieve a net-zero carbon footprint by 2030.
Liberty Media's leadership in Formula 1 includes prominent figures such as Chase Carey, who served as the Chairman and CEO of the Formula One Group at the time of the acquisition before being succeeded by Stefano Domenicali in January 2021.
The company's approach to managing Formula 1 contrasts with the previous governance under Bernie Ecclestone, focusing more on inclusivity, modernization, and global expansion.
