Formula One Holdings is the holding company responsible for the commercial development and administration of the FIA Formula One Grand Prix Championship as well as 16 to 17 annual Grand Prix races. Formula One is the world's leading motor racing championships, with approximately 320 million viewers for each race, and is the third most-watched sporting event after the Olympics and the World Cup. In February 2000, HFCP IV invested $312 million in SLEC, the parent company of Formula One Holdings. In May 2000, H&F sold its investment in SLEC to EM.TV & Merchandising AG.