The first Formula One world championship race took place at Silverstone race track in Britain in 1950 and was won by Italian Giuseppe Farina, who only just managed to defeat his Argentine team mate Juan Manual Fangio. However, Fangio won the championship five times over the next ten years, earning him the title of “grand master” of Formula One from many motor sport enthusiasts.
Tags: Beginnings, Billion, Business, Dollar, Formula, From, HumbleDuring this initial period, Formula One was almost entirely dominated by teams run by car manufacturers, including Ferrari and Mercedes Benz. However, over the next 20 years the sport of Formula One changed dramatically with the introduction of not only engineering innovations such as fuel injection and aluminium chassis but also instances of sponsorship in the sport – the first being when Lotus painted Imperial Tobacco livery on their cars in 1968. Lotus was also the first team to introduce ground effect aerodynamics that helped the cars increase their cornering speeds by providing tremendous down force.
» Read more: Formula One: From Humble Beginnings to Billion Dollar Business