Daily Junction.mobi portalSports · July 8, 2026 · Tom Bennett · 8 min
F1 teams spend £300 million per year building the fastest cars in the world — here's how the sport works, why Red Bull dominate, and what makes it so exciting.
Formula 1 is the pinnacle of motorsport, where 10 teams with 2 drivers each compete in 24 races per year to build the fastest cars and win the drivers championship (individual) and constructors championship (team). F1 cars are the most advanced racing machines in the world, reaching 230mph and generating 5G cornering forces, and teams spend up to £300 million per year developing them. But F1 is also a sport of dominance — the same team often wins for years (Red Bull 2022–2024, Mercedes 2014–2021) because the car matters more than the driver. Here is everything you need to know about Formula 1 — how it works, why it is so expensive, and what makes it so exciting.
Formula 1 (F1) is the highest class of international racing, governed by the FIA (Fédération Internationale de l'Automobile). It is called "Formula" because teams must build cars to a strict set of rules (the "formula").
Each race weekend has three days:
Friday: Two practice sessions (FP1, FP2) — teams test setups and gather data
Saturday: One practice session (FP3) + Qualifying — drivers compete for grid positions (fastest lap wins pole position)
Sunday: The race — 50–70 laps (305km total distance, except Monaco which is 260km)
Qualifying has three rounds:
Grid position matters hugely — starting 1st gives a massive advantage (easier to control the race, less traffic, less risk of crashes).
Races are 50–70 laps (305km total, except Monaco). Drivers must:
Races last 1.5–2 hours, and the winner is the first to cross the finish line after completing all laps.
Teams change tyres during pit stops (2–3 seconds). Strategy matters:
Teams use strategy to gain positions — for example, staying out longer on old tyres to gain track position, then defending on fresher tyres later.
Points are awarded to the top 10 finishers:
| Position | Points |
|---|---|
| 1st | 25 |
| 2nd | 18 |
| 3rd | 15 |
| 4th | 12 |
| 5th | 10 |
| 6th | 8 |
| 7th | 6 |
| 8th | 4 |
| 9th | 2 |
| 10th | 1 |
Fastest lap: +1 point (if you finish in the top 10)
Sprint races (6 per year): Shorter races on Saturday, awarding 8-7-6-5-4-3-2-1 points to the top 8.
Drivers Championship: The driver with the most points at the end of the season wins. Max Verstappen (Red Bull) has won the last 3 titles (2021, 2022, 2023).
Constructors Championship: The team with the most points (sum of both drivers) wins. Red Bull has won the last 2 titles (2022, 2023).
The constructors championship matters more financially (prize money is based on constructors standings), but the drivers championship gets more attention.
F1 cars are the most advanced racing machines in the world:
F1 introduced a budget cap in 2021 to reduce costs and level the playing field:
Top teams (Red Bull, Mercedes, Ferrari) used to spend £300–400 million per year. The cap has reduced this, but teams still spend £200–300 million (including exemptions).
F1 is a constructor's sport — the car matters more than the driver. If one team builds a faster car, they dominate until other teams catch up (which can take years).
The budget cap and technical regulations aim to level the field, but the best teams still find advantages.
Max Verstappen (Red Bull) — The best driver in the world, 3-time world champion (2021, 2022, 2023), 54 wins
Lewis Hamilton (Mercedes) — 7-time world champion (2008, 2014–2020), 103 wins (record), moving to Ferrari in 2025
Fernando Alonso (Aston Martin) — 2-time world champion (2005, 2006), 32 wins, still competitive at age 42
Charles Leclerc (Ferrari) — Fast but inconsistent, 5 wins
Lando Norris (McLaren) — Rising star, 1 win
Top drivers earn £30–50 million per year:
Rookie drivers earn £500,000–£1 million.
F1 generates £2.5 billion revenue per year (2023) from:
Teams receive 63% of F1 revenue (£1.6 billion), distributed based on:
Top teams (Red Bull, Mercedes, Ferrari) receive £150–200 million per year. Bottom teams (Williams, Haas, Alfa Romeo) receive £50–80 million.
Top teams spend £200–300 million per year (including budget cap exemptions):
F1 cars are the fastest racing cars in the world, and crashes can be spectacular (though modern safety has made F1 much safer — no driver has died since 1994).
Races are won and lost on strategy — when to pit, which tyres to use, how to manage fuel and tyres. Teams have 100+ engineers analysing data in real-time.
Overtaking is difficult (dirty air makes it hard to follow another car), so when it happens, it is exciting. DRS (Drag Reduction System) helps — a flap on the rear wing opens on certain straights, reducing drag and allowing cars to overtake.
F1 drivers are global celebrities (Hamilton, Verstappen, Alonso), and rivalries are intense (Verstappen vs Hamilton 2021 was one of the most dramatic seasons in F1 history).
F1 races in 24 countries (Monaco, Singapore, Abu Dhabi, Las Vegas), and the races are glamorous events attended by celebrities, royalty, and billionaires.
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