Monday, September 28, 2015
A Primer on the History of Formula One Racing
For over a decade, Chiedu Ebie has led Millenium Oil & Gas Company Limited (MOGCL) as the Nigerian-based oil and gas firm’s managing director and chief executive officer. In his free time, Chiedu Ebie enjoys exercising, traveling, and following various sports, including Formula One (F1) racing.
Although it has roots in France’s road races of the late 19th century, the modern era of F1 racing did not begin until the early 1950s, when the sport’s first world championship race was held at the Silverstone Circuit in England. In the early days of the sport, F1 was dominated by privateer drivers, especially Juan Manuel Fangio, who won the Drivers’ Championship five times during the 1950s.
However, as F1 cars begin to advance technologically and the cost of race entries started to skyrocket, the days of privateer drivers soon became a thing of the past. This had no effect on the popularity of F1, though. The sport continued to grow over the next few decades and eventually became a billion-dollar global business.
Today, F1 remains popular around the world, despite some recent rules changes, scandals, and negative publicity. The sport has even expanded recently into other markets, including the Middle East.