Formula 1 will continue to race in Mexico following an announcement that a contract renewal has been secured by the race organizers.
The Mexican Grand Prix returned to the calendar in 2015 and has attracted huge crowds thanks largely to local driver Sergio Perez. The race’s current contract ends after this year’s event and there had been some concern about the future of the race due to the withdrawal of significant public funding in the event.
Details about the new contract have yet to be publicized but it is reportedly for three years rather than the five years of the current contract.
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The announcement was made in a video released by Mexico City mayor Claudia Sheinbaum.
“I want to share some good news that I just received,” Sheinbaum said. “Formula 1 is staying in Mexico City. The FIA president is going to be here tomorrow to sign it. This is good news for the city. I also want to tell you that this is thanks to a group of businessmen who made this possible because this time the city is not using any public funds. It’s good news for the city. It brings tourism, it brings income, and it’s also good for the country.”
The British, Spanish, Mexican, Italian and German Grands Prix all came up for contract renewals this year. So far, only the British and Mexican races have secured new contracts, although deals for the Spanish and Italian events are set to be secured in the near future. Germany, however, looks unlikely to feature on the 2020 calendar which will add races in the Netherlands and Vietnam.