Philadelphia, PA (Sports Network) - The 2008 Formula One season was one for the record books, as the sport crowned its youngest champion ever in Lewis Hamilton. The rivalry between McLaren Mercedes and Ferrari intensified with both teams continuing to battle for head of the class. Seven different drivers won a grand prix in 2008, with three of them claiming their first career victories, and two new street circuits were introduced to F1 this year. Though it was a memorable season, the future of the sport will likely see massive changes, as recent cost-cutting measures have been taken to ensure the survivability of many teams due to the global economic slowdown.

THE BATTLE FOR THE WORLD CHAMPIONSHIP

For the second year in a row, the F1 World Champion was decided on the final lap in the season-ending Brazilian Grand Prix. After losing the title by one point to Kimi Raikkonen during his sensational rookie season in 2007, Hamilton captured this year's championship with a twist of luck and a slightest bit of margin.

Hamilton, who came to Sao Paulo, Brazil in November with a seven-point lead over home-crowd favorite Felipe Massa, was on the verge of losing the title to the Ferrari driver in the final lap of the race. While Massa took the checkered flag for the Brazilian GP, Hamilton was running sixth on the last lap. The McLaren driver, however, passed Toyota's Timo Glock for fifth place as he entered the last corner. Hamilton ended the season just a single point ahead of Massa.

"This was the most dramatic race of my whole life," Hamilton said. "It's been such a long journey, but I've always had the support of my family, the team, our partners and the fans. We did a fantastic job throughout the whole year and, with all the sacrifices we made, I'm so thrilled to be able to win this for everyone."

Hamilton won his first F1 championship at age 23. He became the first black driver to capture the title, and the first Briton to do so since Damon Hill in 1996.

Four drivers emerged as title contenders in 2008, with the competition so close at the halfway point of the season that only two points separated Hamilton, Massa, Raikkonen and Robert Kubica.

Hamilton began the season in March with a victory in the Australian GP, and jumped out to an early lead over Ferrari teammates Massa and Raikkonen and BMW Sauber's Kubica.

But after a disappointing finish in April at Bahrain, Hamilton fell to second in points as Raikkonen captured the top spot with a second-place run. Hamilton regained the championship lead after winning the prestigious Monaco Grand Prix in May.

Kubica reached the pinnacle point of his F1 career in June when he took the checkered flag in Canada for his first victory as well as the team's. He also claimed the top position in points, as Hamilton eliminated himself and Raikkonen in a pit-lane collision and tumbled in the championship standings.

Hamilton returned home in July to win the British GP in treacherous wet conditions. After lackluster performances from his competitors, Hamilton moved into a three-way tie with Massa and Raikkonen for the points lead, with Kubica two markers behind.

Two weeks after Britain, Hamilton put on a dominating performance in Germany to record his second consecutive victory and take sole possession of first place in the standings. He never gave up the points lead thereafter.

In September, Hamilton crossed the finish line first in the Belgian GP, but was penalized 25 seconds after cutting a chicane during his battle for the lead with Raikkonen, who ended up crashing. Hamilton was demoted from first to third, while Massa was credited with the victory.

Hamilton scored five victories and made 10 podium appearances during his 2008 championship campaign.

Massa led all drivers with six wins this season.

"It shows that we were very strong this season," Massa said. "We could have won even more races. I'm very proud of my victories."

Raikkonen and Kubica both faded in the latter half of the season, as they tied for third in the final standings. The two drivers finished 23 points behind Hamilton.

CONSTRUCTORS

While Hamilton captured the drivers' championship for McLaren, Ferrari won the Constructors' title by 21 points over their rival. Massa's victory in the Brazilian GP assured the Italian manufacturer its eighth championship in the last 10 years and 16th overall in F1 competition.

McLaren's failure to win the title might have been attributed to the inadequacy of Heikki Kovalainen, who switched from Renault to McLaren at the start of the season. Though Kovalainen recorded his first grand prix win this year, the Finn struggled with consistency, particularly at the end of the season, as he finished seventh in points.

Kovalainen will remain at McLaren in 2009, but his longevity with the team will depend on how much he can step up his efforts.

BMW Sauber finished an impressive third in the Constructors' standings. The team made steady gains in their development program this season, as they hope to join Ferrari and McLaren as the top title contenders for next year.

NEW VENUES

The 2008 F1 schedule featured two new street circuits, the Valencia Street Circuit in Spain and the Marina Bay Street Circuit in Singapore. Valencia hosted the European GP, and the inaugural Singapore GP marked the first F1 race run at night.

In August, Massa dominated Valencia as he led from the pole to the finish line, only relinquishing the top spot twice when he pitted. Massa also put on a commanding performance earlier in the month in Hungary. But with three laps remaining in the Hungarian GP, his engine blew up as the car came to a halt on the pit straight. Massa exited the car with a look of utter devastation.

Fernando Alonso, who left McLaren and re-signed with Renault at the end of the 2007 season, snapped a year-long winless drought with the victory in Singapore. Despite a 15th starting position, Alonso benefited from both a safety-car period prompted by his teammate, Nelson Piquet, crashing early in the race, and a pit-road mishap by Massa shortly after.

Alonso picked up his second-consecutive victory two weeks later in the Japanese GP.

While this year's schedule saw the addition of Valencia and Singapore, the sport's sanctioning body, the International Automobile Federation (FIA), inOctober dropped the Canadian GP from the 2009 calendar. One month later, the FIA released a revised schedule with the French GP being removed.

THE YOUNGEST RACE AND POLE WINNER AND A VETERAN RETIRES

Toro Rosso's Sebastian Vettel stole the headlines in Monza, Italy as he became the youngest race winner and pole sitter in F1 history. Vettel, at age 21, scored his first victory and pole in his 22nd grand prix start. The German driver also gave his team its first win on the circuit. Alonso held the previous record of youngest winner when he captured the Hungarian GP in 2003. He was 22 years old at the time.

"It was unbelievable, and this is the best day of my life," Vettel said after his historic win in the Italian GP. "I will never forget these feelings. It is so unbelievable. It is better than I had ever expected. After a poor start to the season, we got better and better."

Vettel is now Red Bull Racing's new driver, replacing David Coulthard, who retired at the end of the season after a 15-year career. The veteran driver posted 13 grand prix wins, including two at Monaco (2000 and '02).

Coulthard's 246th and final grand prix start quickly came to an end as Nico Rosberg, Kazuki Nakajima, and Coulthard were all involved in an accident on the opening lap of the Brazilian GP. Rosberg and Coulthard made contact, triggering the incident.

While Rosberg continued on, Coulthard suffered heavy damage to his car and retired early for a 20th-place finish.

Coulthard made his F1 debut with Williams in 1994, but Rosberg, who is with the team now, ended Coulthard's illustrious career on a disappointing note.

"I began my career with Williams, and I ended my career because of Williams," Coulthard said.

A ROCKY ROAD AHEAD FOR TEAMS?

Following the early-December meeting of its World Motor Sport Council in Monaco, F1 teams and the FIA agreed to several cost-cutting measures for 2009 and beyond. Among the changes for next season include limiting engine performance, banning testing and reducing staff.

The FIA said the cost of engines to independent teams will be one-half the amount next year compared to 2008. However, engine life doubles as each driver will use a maximum of eight engines for the season.

In 2010, all teams will be able to obtain engines for less than $6.67 million (five million euros) per season, either from an existing manufacturer or from an independent supplier.

Testing will be banned during the 2009 season, except for scheduled practices during a race weekend.

Teams agreed to a reduction of manpower during race weekends by a number of measures, including the sharing of information on fuel and tires and eliminating the need for spotters.

The FIA estimated the new measures for next year would save the manufacturer teams approximately 30 percent of their budgets compared to 2008, while the savings for independent teams would be even greater.

The new Kinetic Energy Recovery System (KERS), a mechanical system that collects energy during braking and converts it to give the car a slight power boost, will not be mandatory during the 2009 season.

The rule changes come in the wake of Honda's recent withdrawal from F1 competition, as the Japanese car manufacturer is looking to sell its team due to the current economic crises.

Jenson Button and Rubens Barrichello drove for Honda this year, but their status for the upcoming season has yet to be decided. Barrichello became the most experienced driver in F1 history in May when he made his 257th career start.

Nick Fry, the team's CEO, is closely involved in the evaluation of potential buyers and is optimistic new ownership will be found before next season begins March 29th in Melbourne, Australia.

Earlier this year, the Super Argi team with drivers Anthony Davidson and Takuma Sato withdrew from competition after the Japanese organization suffered long-term financial troubles, and then a planned buyout fell through.

With radical rule changes on the horizon, the 2009 F1 season should be another thriller with a close battle in both the drivers' championship and the Constructors' title throughout the year.

While Hamilton and Massa are the likely favorites to win next year's championship, Alonso, Kubica and Raikkonen should be perennial threats as well.