Designing a logo for a sport can't be an easy job for a graphic designer. You have to get across the idea that the sport is dynamic and exciting, but do it using as simple and universally-understandable a method as possible. When it comes to motorsport competition Formula 1, you can see exactly what the designer has gone for. The red block which represents the '1' is blurred, to give the impression of speed and motion. That's not the tricky bit here, though.
The really clever part of the Formula 1 logo is, once again, in the white space between the black 'F' and the red '1.' Look closely, and you'll see that it represents the number '1', just to remind us all one more time that this is the most prestigious and widely-viewed motorsport in the world. If you're the world leader, it never hurts to remind people of that fact - and this logo does exactly that.