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Last year's Formula 1 race in Mexico City. Last year's Formula 1 race in Mexico City.

Formula 1 race is on after all; Mexico City to sign 3-year contract

Private sector steps in to provide necessary funding for the Grand Prix to continue

The Formula 1 Grand Prix auto race is on again in Mexico City after an agreement was reached for another three years that won’t require any additional investment by the government.

Mayor Claudia Shienbaum had said that the 800 million pesos (US $42 million) necessary to keep Mexico in the Formula 1 races over the next five years would go instead to the Maya Train project, although talks over alternative funding for the event continued.

After months of uncertainty, Sheinbaum announced with a Twitter video today that Formula 1 president Jean Todt will visit the capital tomorrow to sign an agreement ensuring the continuation of the auto races in Mexico City through 2022.

Until now, it had appeared that the race would be history.

She said that a group of business owners had agreed to take on the financial responsibility, relieving the city government of the burden.

“I would like to let you know that this was made possible thanks to a group of entrepreneurs, because on this occasion the city [government] is not investing any public funds. This is good news for the city and for the country; [the races] bring tourism and economic benefits.”

According to statistics provided by the previous administration, the Grand Prix was the country’s most economically significant sporting event in 2017: that year, the race generated a total of 14.8 billion pesos (US $778.2 million) in economic spillover.

Source: Milenio (sp)

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