PART TWO (2). The Formula One series originated with the European Grand Prix Motor Racing of the 1920s and 1930s. The “formula” is a set of rules which all participants and cars must meet. Formula One was a new formula agreed 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 during 1950. A championship for constructors followed during 1958. . Non-championship Formula One events were held for many years but, due to the increasing cost of competition, the last of these occurred during 1983. James Hunt (1947-1993) won the drivers championship in 1976.