SIXTY years ago, on May 13 1950, more than 20 cars lined up on the grid for the very first FIA-sanctioned Formula One Grand Prix.

Just over the Oxfordshire border, the sleepy village of Silverstone was woken by the sound of the highest performance engines of the day roaring into life as they went into battle for 70 laps of the disused airfield that would become known as the home of British motorsport. The winner of that first race was Giuseppe Farina who, after dominating the series, went on to clinch the drivers’ championship in an Alfa Romeo.

A year ago, the future of the event at Silverstone was looking less than secure, with plans to move it to Donnington Park. However, with hard work by the British Racing Drivers Club (BRDC) headed up by Damon Hill OBE, the Grand Prix has returned to Silverstone with a 17-year contract.

Back in the day, an F1 Grand Prix was a far more rudimentary affair than the hi-tech, glamorous travelling circus that it is today. Most of the teams consisted of a few mechanics, a team manager and a chief cook and bottle washer – far cry from the teams of today, who can boast up to 700 employees in total.

Great Britain is famous for its rich motorsport heritage throughout the world and the epicentre of this is what is known in the industry as Motorsport Valley, which radiates from Oxfordshire and just over the border into our near neighbour, Northamptonshire.

From this mainly rural county emanates a multi-million-pound global industry which, more importantly, is also responsible for thousands of jobs in and around Oxfordshire.

All but four of the current 12 teams are based in England. The majority of these being in Motorsport Valley, including two of the longest standing and most prominent Formula One teams, Williams and Renault, formerly Benetton, which are actually based in Oxfordshire.

Williams, based at Grove, near Wantage, was founded by Frank Williams and Patrick Head in 1977 and is still mainly owned by them, with a minority share being held by an investment company. Although their results over the last few years have not been as good as they could be, their trophy room is bulging with silverware from 16 championship victories.

Renault in its former guise of Benetton won two drivers’ championships and one constructors’ title. The team was bought by Renault in 2000 and went on to secure the constructors’ and drivers’ championship in 2005 and 2006 with Fernando Alonso. Collectively, Williams and Benetton/Renault have boasted such great driver names as Michael Schumacher, Alain Prost, Nigel Mansell, Damon Hill and the late great Ayrton Senna to name but a few.

In the 1950s, the grid would have been made up of a high percentage of gentleman drivers and rich playboys, well-heeled enough to thrash a fast car around a circuit. However, outside sponsorship soon began to play an increasingly important role in the funding of F1 teams.

These days, teams rely almost solely on commercial sponsorship from major brands in order to run their cars. The cost of running an F1 team in the 1950s was way below today’s large budgets and in the heyday of the late-nineties and early noughties, was as much as £500m to put two cars on the grid for the total of 19 race events.

Much of this sponsorship was generated through tobacco manufacturers. But in 2002, starting at the British Grand Prix, a ban on tobacco advertising at sporting events was phased in, eventually becoming a total ban in 2005.

A large percentage of a team’s budget is spent on designing and developing the racing cars of today which have become the most technologically advanced wheeled vehicles in existence.

Teams of highly qualified designers use the latest computer software to design the cars, which are then built using the latest hi-tech materials such as carbon fibre, in workshops and clean rooms that are comparable to hospital operating theatres.

Chassis and structural parts are tested to destruction, while aerodynamic parts undergo many hours of wind tunnel testing before they hit the track. These days, a huge percentage of the budget is also spent on continual marketing and PR in a bid to attract new sponsors and to maintain existing contracts.

From those early days of a handful of enthusiasts and mechanics with a passion for fast cars to today’s huge spectacular events, motorsport has evolved into a glamorous showbiz event. Last year, more than 300,000 fans flocked to the circuit during the three days.

Top-name bands headline the off-track entertainment, and a Grand Prix is now a must-be-seen-at event if you are a celebrity. Last year’s event attracted the likes of Kasabian, Jade Jagger, Chris Moyles and, of course Tamara and Petra Ecclestone.