Inside the Grand Prix: How a Formula One Event Works
The origin and history of “Grand Prix” in Formula 1
Formula 1 events are known as Grands Prix. The term Grand Prix originates from French and means “grand prize” or “highest award.” The first French Grand Prix was held in 1906, after which the name came to be associated with the highest level of automobile racing.
The three organizations that support F1 events: the roles of the FIA, FOM, and race promoters
A Formula 1 Grand Prix is organized through the respective roles of three parties: the Fédération Internationale de l’Automobile (FIA), the Formula One Management (FOM), and the individual event promoter.
The FIA establishes the sporting and technical regulations for Formula 1 and is responsible for governing, supervising, and adjudicating the competition in accordance with those rules.
FOM manages and operates the commercial rights of Formula 1 as a whole. It is responsible for contracts related to race hosting rights, broadcasting rights, and sponsorship. Revenue generated through these activities is distributed to the FIA and the teams. The current owner of Formula One Management is Liberty Media, based in the United States.
Event promoters vary by Grand Prix and may include national governments, local authorities, circuit operators, or automobile clubs. Promoters enter into hosting agreements with FOM and pay a hosting fee. They must also obtain circuit certification from the FIA. In addition, promoters are responsible for spectator operations, venue and surrounding infrastructure preparation, and coordination with local governments and tourism organizations. Their responsibilities cover a wide range of operational areas.
The respective roles of these three parties are governed by highly detailed contracts, established practices, and individual circumstances. As a result, many aspects of these arrangements are not publicly disclosed.
Formula 1 requires substantial financial investment, and this three-party structure plays a critical role in enabling the stable and continuous organization and operation of Grands Prix around the world.