<P> With the cost of designing and building mid-tier cars being of the order of $120 million, Formula One's economic effect and creation of jobs are significant, and its financial and political battles are widely reported . Its high profile and popularity have created a major merchandising environment, which has resulted in large investments from sponsors and budgets in the hundreds of millions for the constructors . Since 2000 the sport's spiralling expenditures and the distribution of prize money favouring established top teams have forced complaints from smaller teams and led several teams to bankruptcy . </P> <P> On 8 September 2016, it was announced that Liberty Media had agreed to buy Delta Topco, the company that controls Formula One, from private equity firm CVC Capital Partners for $4.4 billion in cash, stock and convertible debt . On 23 January 2017, it was confirmed that Liberty Media had completed its $8 billion acquisition of Delta Topco . </P> <P> The Formula One series originated with the European Grand Prix Motor Racing (q.v. for pre-1947 history) of the 1920s and 1930s . The formula is a set of rules that all participants' cars must meet . Formula One was a new formula agreed upon after World War II during 1946, with the first non-championship races being held that year . A number of Grand Prix racing organisations had laid out rules for a world championship before the war, but due to the suspension of racing during the conflict, the World Drivers' Championship was not formalised until 1947 . The first world championship race was held at Silverstone, United Kingdom in 1950 . A championship for constructors followed in 1958 . National championships existed in South Africa and the UK in the 1960s and 1970s . Non-championship Formula One events were held for many years, but due to the increasing cost of competition, the last of these occurred in 1983 . On November 26, 2017, Formula One unveiled its new logo following the 2017 season finale in Abu Dhabi during the Abu Dhabi Grand Prix at Yas Marina Circuit . The new logo replaces F1's iconic' flying one', which has been the sport's trademark since 1993 . </P> <P> The first World Championship for Drivers was won by Italian Giuseppe Farina in his Alfa Romeo in 1950, narrowly defeating his Argentine teammate Juan Manuel Fangio . However, Fangio won the title in 1951, 1954, 1955, 1956, and 1957 (His record of five World Championship titles stood for 45 years until German driver Michael Schumacher took his sixth title in 2003), his streak interrupted (after an injury) by two - time champion Alberto Ascari of Ferrari . Although the UK's Stirling Moss was able to compete regularly, he was never able to win the world championship, and is now widely considered to be the greatest driver never to have won the title . Fangio, however, is remembered for dominating Formula One's first decade and has long been considered the "Grand Master" of Formula One . </P>

Where was the first formula 1 race held