No it isn't, the number one spectator sport in the world is football. Other sports in the same list may include Basketball, volleyball, cricket, Baseball and other versions of football (American, Rugby). Different countries may have different rankings, depending on the type of sport it is and this may effect the rankings in that particular country.
Around 154 million people watch formula one in the world.
[Source: http://en.wikipedia.org/wiki/List_of_Formula_One_broadcasters#cite_note-0]
The biggest participant sport in the world is soccer
Soccer is the #1 sport in the world :)
Apparently, the biggest sport in the United Kingdom is Football. However, it is not the same in all countries.
It is the third biggest extreme sport in the world.
Car racing
Soccer or to the rest of the world football
What is the biggest participant sport in the world?
Nationally, NASCAR is the fastest growing professional sport, rivaling professional football. Internationally, Formula 1 racing ranks second to what the rest of the world calls football (soccer).
The sport is embraced heavily by the US and is played in nearly every school (high school and college) in the country. American football is one of the biggest spectator sports in the US and by far has the best Pro/League to play the game. To the US, American Football is the spectator equivalent to "proper football"/"Footy" and/or Rugby for most other countries in this world. Not to mention, nearly every other country in the world just don't embrace the sport.
No
Nike
Baseball