Formula One, also called Formula 1 or F1, and currently officially referred to as the FIA Formula One World Championship, is the highest class of auto racing sanctioned by the Fédération Internationale de l'Automobile, or the FIA.The "formula" in the name refers to the set of rules to which all participants' cars must comply. The F1 season consists of a series of races, known as Grands Prix, held on purpose-built circuits, and to a lesser extent, former public roads and closed city streets. The results of each race are combined to determine two annual World Championships, one for the drivers and one for the constructors, with racing drivers, constructor teams, track officials, organizers, and circuits required to be holders of valid Super Licenses, the highest class racing license issued by the FIA. Formula One cars race at high speeds, up to 220 mph (360 km/h) with engines revving up to the formula imposed limit of 18,000 rpm. The cars are capable of pulling in excess of 5 g on some corners. The performance of the cars is highly dependent on electronics, aerodynamics, suspension, and tires. The formula has seen many evolutions and changes through the history of the sport. Europe is Formula One's traditional center, where all of the teams are based, and where around half of the races take place. However, the sport's scope has expanded significantly in recent years and Grand Prix are now held all over the world. Recently some events in Europe and the Americas have been dropped in favor of races in Asia – of the seventeen races in 2009, eight were held outside Europe. Formula One is a massive television event, with a total global audience of over 600 million people for each race. As the world's most expensive sport, its economic impact is significant, and the financial and political battles which occur within the sport are widely covered. Many of the F1 races worldwide are some of the most prestigious and well-known sporting competitions or events in the world. Since 1981, Formula One teams have been required to build the chassis in which they compete, and consequently the terms "team" and "constructor" became more or less interchangeable. Its high profile and popularity make it an obvious merchandising environment, which leads to very high investments from sponsors, translating into extremely high budgets for the constructors. Ferrari and Lotus are the two builders who have participated for the longest in Formula One racing, both with involvement that stretches back to the 1950s. 

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