what does the latter mean?
It is the recreational and competitive adventure sport of flying paragliders.
Paragliding
Paragliding is the recreational and competitive adventure sport of flying paragliders: lightweight, free-flying, foot-launched glider aircraft with no rigid primary structure. 
how long do gliders stay in the air Glider pilots can stay airborne for hours by flying through air that is ascending as fast or faster than the glider itself is descending, thus gaining potential energy. is it a sport? Yes, a competitive air sport. how is it done? Pilots fly unpowered aircraft known as gliders or sailplanes using naturally occurring currents of rising air in the atmosphere to remain airborne. does it face any challenges? UNANSWERABLE are there any competitions of it held? Local and national competitions along with biennial World Championships. what is the championship mentioned about? It is a gliding competition held every two years or so. who organizes it? The FAI Gliding Commission. when was it founded? The Commission was founded in 1932. does it present any awards? The Commission makes awards for great achievements and meritorious service. Eg- The Lilienthal Medal. are there any other sports related to it? Yes, hang gliding and paragliding.
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Paragliding [SEP] Introduction
Paragliding is the recreational and competitive adventure sport of flying paragliders: lightweight, free-flying, foot-launched glider aircraft with no rigid primary structure. The pilot sits in a harness or lies supine in a coccoon-like 'speed bag' suspended below a fabric wing. Wing shape is maintained by the suspension lines, the pressure of air entering vents in the front of the wing, and the aerodynamic forces of the air flowing over the outside. Despite not using an engine, paraglider flights can last many hours and cover many hundreds of kilometres, though flights of one to two hours and covering some tens of kilometres are more the norm.