Don't for a moment be deluded into thinking that Formula One is about racing cars. The racing is the 'side event', believe me. F1 is all about hospitality and creating an environment conducive to conducting business away from the boardroom or office.

Public and private corporations spend millions of liri in team sponsorship for which, in return (or as part of the package), they get the opportunity to host their corporate clients, other guests and the media at events held at the various racing circuits around the world. It is also a way of rewarding staff for their performance and enabling their executives to have access to the people who count.

The logistics and behind-the-scenes activity must be mind boggling, but those who have any connection with the world's premier motor racing event, with a global TV audience of billions, must surely think it is worthwhile.

It was not always like that, of course, and probably the founders of the sport more than half a century ago had other visions and ideals of the way the sport would be developed. F1 was languishing in the doldrums before one wily entrepreneur Bernie Ecclestone saw the commercial potential and has reaped billions - apart from reviving the sport, raising it to the level it is today while keeping the major players 'happy' (and continuing to attract new players).

For us mere mortals, it is of course the 'side event' that occupies our thoughts and causes us to dream. Despite the technology, the human element is ever present in the various stages of building an F1 team - from the designers, engineers and mechanics, to the test drivers and drivers themselves.

This year, the F1 supplement has gone from strength to strength, with increased pagination and editorial content that, I hope, is not quite run-of-the-mill. Starting with novelties from local Toyota importers Michael Debono and Go Mobile (on the opposite page), we have a report on the latest local curtain raiser to the season, the F1 Forum.

The main thrust of coverage this year is Pierre Vella's well researched piece on all the teams in this year's championship. We have done our best to bring to you the 'nuts and bolts' of all the cars on the grid, with the latest information, including that on the Super Aguri (launched only last Wednesday).

My thanks go to photographer Steve Etherington, who supplied us with some exclusive shots of the cars in pre-season testing, apart from some of the photos from the car launches. I also wish to pay tribute to our Reuters contacts, Adrian Azzopardi, Jim Peet and Fabian Chan, for supplying us with the excellent graphics of all 17 tracks on this year's championship calendar, which adorn our centre spread.

I am sure many readers will make it a point to keep this and fill it in as the season progresses.

Pierre also picked out some interesting data on the BMW Sauber team which was worth sharing, apart from focusing on the history of Bridgestone (the sole tyre suppliers this year) in motorsport and giving us the final update on rule changes for the season.

The Motoring team of The Sunday Times this year brought you three of the team launches. I had the privilege to attend the launch of the rebranded Vodafone McLaren Mercedes team car in Valencia in January. A day later Pierre was also in the southern Spanish city for the launch of the BMW Sauber and he also visited Amsterdam for the launch of the reigning world champions Renault.

Although I do not like to make predictions, I think it is clear that this year there are a number of teams with the potential to be world champions. Each race (let alone the entire season) is all about strategy and taking the initiative from opponents, no matter your position on the grid.

Yes, the business is going on in the background, but the teams will be fully focused on delivering results. Renault should be sorely tried and initial results at the three 'away' races of the season can be 'fixed' positively or negatively, when the racing returns to Europe. I just hope we have some competitive racing - and may the best driver and team win.

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