Formula 1 was riding on a high of both financial investment and global interest was at an all time high.

Mika Häkkinen retained his championship crown, helped by the mid-season accident to his main adversary Michael Schumacher. The German's title hopes were dashed when he broke his leg in a shunt at Sivlverstone, and it was Ferrari's number two Eddie Irvine who pushed the Finn all the way to the final round. Ferrari's consolation was to achieve their first Constructors Championship since 1983.

The Jordan team were the surprise packet of the season with Heinz-Harald Frentzen finally fulfilling his potential to record wins in France and Italy. In contrast, the form of his team mate Damon Hill dipped alarmingly, and the 1996 Champion opted for retirement.

The adage that money alone cannot guarantee success, was never found to be truer than at BAR, who failed to score a single point, despite having Jacques Villeneuve on the payroll. Indeed the steady progress at Stewart Grand Prix brought its reward when Johnny Herbert brought the team a first win at the Nürburgring in the European Grand Prix.