E very sports must have its legendary as well as Formula One. Formula One, abbreviated to F1 and also known as Grand Prix racing, is a form of formula racing and the highest class of single-seat open-wheel auto racing. It is a worldwide sport, involving an annual World Drivers Championship and World Constructors Championship, and is the most expensive sport in the world, as annual team budgets average in the hundreds of millions of US dollars. It is based around a series of races (19 in 2005), known as grands prix, on custom-constructed road courses or closed-off street circuits. 

  The sport has traditionally been centred in Europe, which undoubtedly remains its leading market, but races have also been held in the Americas, Africa, Asia, and Australia. New races in Bahrain and China, one planned for 2005 in Turkey, and others discussed for Mexico, India, Russia and South Africa have reinforced the sport's "worldwide" image. The sport is regulated by the FIA, Fédération Internationale de l'Automobile, and is generally promoted and controlled by Bernie Ecclestone.