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
Adelaide Street Circuit Grand Prix. However, as this was in qualifying and not a race, it does not count as the lap record. The fastest recorded lap of the 3.219 km (2.012 mi) Supercars circuit is 1:17.9726 set by Adelaide born driver Simon Hodge on 28 February 2014 driving a Mygale M11 Mercedes-Benz Formula 3. The fastest recorded lap of the 1.4 km (0.9 mi) Victoria Park Sprint circuit is 0:42.5753 set by Ivan Capelli on 2 December 2018 driving a March CG891 car from the 1989 Formula One season. Adelaide Street Circuit The Adelaide Street Circuit (also known as the Adelaide Parklands