The development of the first motorcars during the 1890s and 1900s quickly led to the first motor races. Speeds were extremely low in the early days: onecontest in 1894 was won by a vehicle that went at an average speed of only 12 miles per hour.
The first 'proper' Grand Prix on closed public roads was held by the Automobile Club de France (ACF) in June 1906, near the town of Le Mans. The idea quickly spread around Europe, and in 1922 the Association Internationale des Automobile Clubs Reconnus (AIACR) began running a pan-Europe contest.
By the 1930s there were regular European Championships, until racing was stopped on the outbreak of World War II. After the war, the AIACR, by then renamed the Federation Internationale de l'Automobile (FIA), organised the first World Championship in 1950.
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During the 1960s and early 1970s the sport steadily gained popularity, although the money involved remained small by modern standards. It was the growth of global television audiences that transformed the economics of the sport, and this started a financial battle between the FIA and the teams in the late 1970s.
Bernie Ecclestone, who owned the Brabham team, negotiated the 1981 Concorde agreement that divided the revenue between the FIA and the coalition of teams and constructors. In 1987 he set up his own company, Formula One Promotions and Administration, which received the right to negotiate television contracts for Formula One and retain a share of the resulting revenue, in return for putting up the prize money. This proved to be an incredibly lucrative deal for Ecclestone, whose fortune is now estimated to be $3.8bn.
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31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
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13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
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9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
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3 March 1962: British Antarctic Territory is created
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10 March 2000: the dotcom bubble peaks
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9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
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8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
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7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
