Just what is it about Formula 1 that continues to fascinate and entertain fans from Silverstone to Shanghai...?

For each and every race in the 2007 season, an estimated 350 million people in around 180 countries will forego tiresome time differences and settle to watch the latest high-speed grand prix action. Only the Olympic Games and the Football World Cup finals deliver larger television audiences, and they take place once every four years. Try doing it every fortnight between March and October!

One of its greatest assets of course is, that Formula One has history - dramatic, heroic, eventful history that has featured a cast of characters ranging from the extravagantly colourful to the deeply complex. So whether you grew up worshipping Jackie Stewart, Ayrton Senna or Michael Schumacher, there has always been something uniquely compelling about Formula 1.

Circuits change, cars evolve, teams come and go, but the raw intensity and passion remain the same.

For some people, it's the glamour, prestige and exclusivity that provide the most seductive aspect of F1. And it's not restricted to the fans. Film stars, musicians and sports personalities are regularly seen strolling down pit lanes basking in the reflected glory of F1. When it comes to glamour, no other sport comes within a yacht length.

Then there is Formula 1's massive, and ever expanding world wide reach. The sport maintains strong roots with the traditional European circuits, but its popularity is growing fast, particularly in the Middle East and Asia. In recent years there have been inaugural races in China, Turkey and Bahrain, and other countries such as India are keen to get on the calendar. The following is unimaginable!

Along with enthusiastic crowds, one of the most striking features of these new circuits has been the impressive facilities on offer. Building a grand prix circuit for the 21st century requires expertise and imagination, which is why the developers of the Bahrain, Chinese and Turkish Grand Prix have been creating suberb facilities, exciting turns and perfect location to entertain 100.000s of F1 fans.

But the benefits of hosting a Formula One race are considerable, and not just for the few dizzying days the attention of the world is focused squarely on the host city. The Australian Grand Prix was the first major coup in Melbourne's plan in the early 1990's to host major sporting events. The aim of that initiative was to revive local economy and put Melbourne on the sporting map. The grand prix certainly has achieved that.

Last year, an independant evaluation of the 2005 Australian Grand Prix was conducted. In the year Melbourne celebrated its 10th grand prix it was announced that the race had contributed $174.8m to the economy of the state of Victoria - more than a billion dollars in gross economic benefit throughout the decade. The 2005 event also created 3500 jobs - 28000 over the 10-year period.

The sport has always led the way in developing and applying innovative technology, attracting the brightest minds in engineering and design. And the end product is nothing short of sensation. A Formula 1 car is capable of accelerating from standstill to 160km/h in 3.6 seconds. Three seconds later, the carbon-fibre brakes will have brought it back to rest. The sight and sound of these cars close-up exerts and intoxicating affect, one of the reasons why more than 2.5 million spectators attended F1 races last season. And it showed something of the enthusiasm people have for Formula 1 when more than 500,000 used every available vantage point along London's Regent Street to witness cars performing an ear-splitting demonstration run.

Of course, once the cars are on the track it's the drivers who shoulder all the pressure. Blessed with the skill and courage to take Suzuka's 130R corner flat-out, flirt within millimeters of Monaco's unforgiving barriers or judge the exact moment when to stamp on the brakes along Monza's fearsome 370km/h straights, a Formula 1 drivers is a unique athlete. 'The cockpit is a harsh environment and we have a lot of forces placed on our bodies,' says Juan Pablo Montoya.

Still its no accident the sport maintains Michael Schumachers interest after his recent retirement. Winning seven FIA World Championships in Formula 1.

Formula One, abbreviated to F1 and also known as Grand Prix racing, is the highest class of single-seat, open-wheel formula 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, China and 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.

Modern F1

The early 2000s have been dominated by Michael Schumacher and a resurgent Ferrari, whilst several driver aids returned due in part to rumours that teams were able to evade the restrictions.

During the early 2000s, Bernie Ecclestone's Formula One Administration created a number of trademarks and an official website for the sport (www.formula1.com) in an attempt to give it a corporate identity.
Ecclestone experimented with a digital television package, known as Bernievision , by which a fan could purchase an entire F1 season, but after poor viewing figures in 2002 the program was discontinued.

Currently,in the 2005 season Ferrari has yet to win a race. Many theorise this is because of their use of Bridgestone tires (Ferrari, Jordan and Minardi are the only teams that don't use Michelin ). Fernando Alonso of Renault and Kimi Räikkönen of McLaren are currently the two drivers most likely to win the championship, with Alonso leading by 22 points. In the constructors championship, Renault is ahead of McLaren by 13 points. This year has also shown the suprise Toyota and Red Bull Racing packages and a nasty suprise for BAR who got banned for an underweight car in Imola, they returned at the Nurburgring but didnt do so well.

The Future of Formula One and recent developments:

Formula One went through a difficult period in the early 2000s. Viewing figures dropped, and fans expressed their loss of interest due to the dominance of Michael Schumacher and Ferrari.

At present, smaller teams suffer from spiralling costs. Safety also remains a key issue. As such, many want to see rule changes to deal with these issues.

Due to financial difficulty, the future of the French Grand Prix also remains in doubt. However, a Turkish Grand Prix will take place in Istanbul , Turkey for the first time in 2005, and the exciting Singapore Grand Prix as the first ever F1 night race have been planned for 2008. Another race has been confirmed for 2008 and will stage in Valencia as another street Grand Prix.

Bernie Ecclestone has also made a promise that F1 will return to South Africa within five years. He has begun talks with a consortium planning to build an F1 circuit in Cape Town . Along with South Africa , Bernie Ecclestone has made a pledge to hold a Russian Grand Prix either in Moscow or St. Petersburg in the near future. Bernie Ecclestone is in nearly continuous talks with potential race promoters all around the world. It is believed that one signicant factor that has F1 searching for venues outside of Europe is the spread of laws in Western nations prohibiting cigarette advertising in sport.