Grand Prix World is the sequel to Grand Prix Manager 2 and is based around the 1998 Formula One season (officially FIA licensed).
The player takes control of one of the 11 F1 teams participating in the 1998 Formula One season. Team names or details could not be changed within the game itself. This was only able to be done using a 3rd party editor.
Grand Prix World is very different to the preceding games, even though they largely share the same code base, the major changes coming in the interface design and negotiation modules with sponsors, drivers, engineers. This results in less 'freak' results such as player being able to sign top line drivers for the bottom ranking teams, or being able to score points with said teams without major re-organisation of the team.
Source: Wikipedia, "Grand Prix World", available under the CC-BY-SA License.