Despite strong talk of its demise, the Mexican Grand Prix has received a contract extension until the end of 2022.
The event lost its government funding which had been crucial to its survival since joining the calendar in 2015, and with no contract in place beyond 2019, there were legitimate fears for the future of the Mexican GP.
However, it was announced on Wednesday that privately-raised finances would ensure the race could continue, and now Formula 1 have moved to extend their contract.
Largely thanks to SportPesa Racing Point’s Mexican racer Sergio Perez, the Grand Prix has become one of the best attended on the Formula 1 calendar.
In an official statement Formula 1 announced that from 2020 the official title of the race will be the Mexico City Grand Prix, “to emphasise the support given by the government of [the] city”.
As quoted by Autosport, Mexico City mayor Claudia Sheinbaum Pardo said: “The presence of Formula 1 in the city for further three more years, was achieved for the first time through a new financing model, in which public resources are not used.
“Previously the Federal Government collaborated with the payment for the event.
“The Mexico City government will be an intermediary, creating a trust that will raise the private investment required to deliver this international event.
“The price of the tickets will remain the same as in previous years.”
Mexico follows Great Britain in securing a new long-term deal to host their respective events, while the German, Italian and Spanish Grand Prix’s are still yet to be announced beyond 2019.
But for now the focus of Formula 1 CEO Chase Carey is on the long-term benefits that the Mexican Grand Prix will bring.
“We are pleased to have renewed our partnership with Mexico City, which will now host the Formula 1 Mexican Grand Prix until at least 2022,” he said.
“Ever since it returned to the championship calendar in 2015, this event has always proved to be amazingly popular with the public and fans, not just in Mexico, but also around the world.
“Proof of this is the fact that the race promoter has won the FIA award for the best event no fewer than four years in a row and, in those four years, over 1.3million spectators have attended the Grand Prix.
“The Grand Prix has also been an important economic driver for the city, reinforcing its credentials as a centre for tourism.
“I would like to thank the mayor, Claudia Sheinbaum Pardo and the entire government of Mexico City for all their efforts in ensuring that Formula 1 continues in Mexico.”