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Cars on the track in last year's Formula 1 race. Cars on the track in last year's Formula 1 race.

Feds come up with funds for Mexico City Grand Prix

Mayor says the cost of hosting the event is now 800 million pesos

The Mexico City Grand Prix may continue in 2020 after all but a missed deadline means the city may not be able to have the race coincide with Day of the Dead celebrations.

Mayor Claudia Sheinbaum told reporters yesterday that the federal government will put up 400 million pesos (US $20.7 million), half the amount required.

“The problem is that the Mexico City Grand Prix required a federal investment of 800 million pesos . . . today we have other priorities, but the possibility exists that we can carry it out with 400 million.”

Earlier this year, Sheinbaum declared that the 400 million pesos the Formula 1 event required was an “onerous” investment that would be better spent financing the Maya Train.

The mayor said alternative sources of funding will be sought to keep the city from losing a “great sporting event” through which the city “earns a lot in tourism” revenue.

“We’re looking for a sponsor,” she said.

The 2019 event is unaffected and and scheduled to take place October 24-27.

Liberty Media and Formula 1 Management, the international F1 organizers, had given their Mexican counterparts a February 28 deadline to confirm next year’s race, which for five years had been held to coincide with the Day of the Dead week. Both events drew visitors and tourists in a mutually beneficial relationship.

But the deadline having been missed, getting a preferential date is uncertain.

Source: ESPN (sp)

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