Formula One World Drivers' Championship was not formalised until 1947. The first world championship race was held at Silverstone, United Kingdom in 1950. A championship for constructors followed in 1958. National championships existed in South Africa and the UK in the 1960s and 1970s. Non-championship Formula One events were held for many years, but due to the increasing cost of competition, the last of these occurred in 1983. On 26 November 2017, Formula One unveiled its new logo, following the 2017 season finale in Abu Dhabi during the Abu Dhabi Grand Prix at Yas Marina Circuit. The new logo replaced F1's iconic
Valencia Street Circuit the infrastructure buildings for the circuit. The 2012 edition took place on 24 June and was the last to go under the name of the European Grand Prix until 2016, when the Baku City Circuit used the title for one year. It has not been used since 2013 after a deal fell through to alternate this venue with Catalunya in Barcelona to host the Spanish Grand Prix. The deal to host the Valencia race was signed on 1 June 2007, and was for seven years. The deal was made between Formula One supremo Bernie Ecclestone and the Valmor Sport group,