Mexico stays on Formula One calendar for three more years after a new contract signed, with the sport set to expand to a record 22 races next season
Mexico City signed a deal on Thursday with the International Motoring Federation to continue hosting a Formula One race through 2022, after months of uncertainty about the future of the Mexican Grand Prix.
The government of Mexican President Andres Manuel Lopez Obrador, a leftist austerity crusader, had balked at shelling out tens of millions of dollars to renew its hosting rights for the race. Under the new contract, no government money will be spent, officials said. "This is an investment with new rules, for the benefit of the city. We are seeking a new formula so that F 1 can stay, without the need for public resources," Mexico City Mayor Claudia Sheinbaum told a press conference.
Alejandro Soberon, chief executive of the company that operates the Mexican F1 race, CIE, said private investment and "new financing models" would be used to put on the 2020 to 2022 editions of the event.
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