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in Formula One racing increased it became more difficult to compete in non-world championship events. The final non-championship event was held in 1983. Technical advances in recent years have caused a dramatic increase in the cost of Formula One racing competition. Additionally, all Formula One racing World Champions since 1984 have been sponsored by major auto manufacturers. Independent racing teams struggle to afford the technical advances without major funding. Formula One racing has lost 28 teams and continuing financial stresses are likely to eliminate additional teams. Formula One racing is an expensive and exclusive sport and has evolved into a big business marketing competition as well as a competitive sport. Recently new teams owned by auto manufacturers have begun to join Formula One racing, taking the place of the independent teams. The International Automobile Federation (FIA) regulates Formula One racing today. The Formula One racing season lasts from early spring through fall. Races are held at circuits in Europe and around the world in places like China, Australia and Brazil. The 2007 Formula One racing schedule lists 17 races around the world. Formula One racing continues to reach a wider audience. New Grand Prix locations are planned. The future of Formula One racing looks as solid as the past. The History of Formula One Racing Formula One racing began in 1946, although it is said to have roots in the racing circuits as early as the 1890's in France. In 1946 Formula One racing was set as the premier single seat racing circuit worldwide by the Commission Sportive Internationale a division of the F?d?ration Internationale de l'Automobile's or in abbreviation form the CSI of the FIA. The first World Championship for Formula One drivers was held in 1950. Giuseppe ("Nino") Farina, who drove an Alfa Rom?o 158, won the first Formula One Championship by just 3 points. In the early years of Formula One racing, the Italian made cars were dominating the field. The Alfa Romeo, Ferrari, and Maserati were burning up the tracks with countless wins across the world. In 1954 and 1955, Mercedes were running the circuit, until a horrible accident at the

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