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Formula One is regarded as the highest class of single-seat open-wheel formula auto racing. It is based around a series of races, known as Grands Prix, held on purpose-built circuits or closed-off city streets, whose results determine two annual World Championships, one for drivers and one for constructors. Europe is Formula One's traditional centre and remains its leading market; however, Grands Prix have been held all over the world, and with new races in Bahrain, China and Turkey, its scope is continually expanding. As the world's most expensive sport, its economic impact is significant, and its financial and political battles are widely observed. The sport is regulated by the Fédération Internationale de l'Automobile and is generally promoted and controlled by Bernie Ecclestone through a variety of corporate entities.
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