Formula 1 is a global auto racing championship organized by FIA since 1950. It is contested by 12 teams including the current champions Red Bull Racing. Races take place on various international circuits with the season culminating after 20 races. Points are awarded to the top 10 finishing cars in each race, with the driver and constructor amassing the most points over the season declared as world champions. Revenue is generated through TV rights, sponsorships, and advertising with Bernie Ecclestone transforming the sport into a billion dollar business.