Needless to say, Formula One racing is the most expensive sport in the world.  A single car alone costs thousands of dollars and we are talking here of specialized kinds of cars that we don't see on the roads everyday. 

A Formula One race is done in a specialized road called circuit which costs a lot of money to make.  A circuit includes a pit lane where drivers refuel or fix their car tires within a racing event.  The cost and sophistication of a racing circuit varies depending on the country hosting the event.  Usually, countries making new circuits try to outdo existing circuits from other venues.

And speaking of the outrageous, Formula One racing drivers earn huge amounts of money we can never even dream of in our lifetime.  If we think that football players earning about $162,000 per week are overly paid, we should know that the famous Formula One 6-time World Champion was reported to be earning about $920,768 in 2004!  While they may not be complaining about having "low" salaries, Nick Heidfeld, one of those on the lower scale drivers, was reported to have been earning about $28,211 per week during the same year.

To maintain a team that competes in an F1 race also involves sky high amounts.  Accordingly, over 900 tires are used in a year's racing at $2,700 each time.  A gearbox costs $117,000 and around 16 of these are used yearly.  Over a hundred engines costing $324,000 and steering wheels costing $54,000 are also being used each year.  Now, if we calculate that, that will be a lot of money!  

The Formula One racing event draws millions of people from around the world.  Thousands of these people who can afford to shell out several thousand dollars fly to affluent cities where the races are held or bet heavily on their favorite team. 

For many of us, it may seem outrageous realizing how people and companies spend millions while the much of the world cannot even earn a dollar a day for their families.

It has been estimated that about one-sixth of the population of the world is living in deep poverty.  Considering the population to be at around six billion, this figure translates to millions of people who are surviving on less than a nation's amount that delineates the poverty line.  Millions of children who get sick do not get proper health care.   Another millions of children could not get basic education.

Of course, canceling a Formula One racing does not make poverty go away.  In fact, there is really no point in not having the race.  The race is part of a deep rooted culture in sports as human beings.  Watching a race gives us joy and excitement.

The key here is social responsibility.  The Formula One racing itself creates thousands of jobs and fuels economies.  Advertising and tourism can bring in huge amounts of money to augment a host country's revenues.

As for the companies behind the race, they should manage the creation of jobs well.  They should also contribute towards helping resolve environmental issues with the exorbitant extra dollars they earn. 

Those highly paid drivers should get active in philanthropy.  As we all know, a lot of big time entrepreneurs and celebrities are getting into helping less privileged people.  Drivers should do the same.

Formula One racing will forever be here to stay to give us amusement and entertainment and to help us appreciate how we human beings can go beyond our physical and mental capacities.  And if the intentions of holding such a racing event can strike a balance between spending and helping, the race will surely be a good record for us humanity in the years to come.