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Officials from both FIA and Mexico pose after they sign documents to continue F1 race in Mexico City through 2022 at a ceremony in Mexico City, Mexico, August 8, 2019. /VCG Photo
Mexico City signed a deal on Thursday with the International Motoring Federation (FIA) to continue hosting an F1 race until 2022, after months of uncertainty about the future of the Mexican Grand Prix.
The government of Mexican President Andres Manuel Lopez Obrador 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 F1 can stay without the need for public resources," Mexico City Mayor Claudia Sheinbaum said in a press conference.
"The price of the tickets will remain the same as in previous years," she added.
Australian racer Daniel Ricciardo (C), playing for Red Bull at the time, joins a mariachi band during a preview to the F1 Grand Prix in Mexico City, Mexico, October 28, 2015. /VCG Photo
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.
Officials did not say who the investors were. Mexican newspaper Milenio said they included telecoms billionaire Carlos Slim - Mexico's richest man - and companies such as Coca-Cola, Heineken and Citibanamex.
To emphasize the support given by the government of Mexico City, the event will now be called the Mexico City Grand Prix, still at the Autodromo Hermanos Rodriguez, which first hosted the race in 1963.
Sheinbaum said it was important for the city to keep the race.
This year's event, scheduled for October 27, is expected to bring around 700 million U.S. dollars to the local economy, create 8,000 short-term jobs and bring 300,000 international visitors to the capital, she said.
Mercedes' British racer Lewis Hamilton(R) performs with a Mexican 'lucha libre' wrestler during an F1 promotional event in Mexico City, Mexico, October 28, 2015. /VCG Photo
The Mexican race is one of the most colorful events on the F1 circuit, famous for enthusiastic fans clad in mariachi outfits or "lucha libre" wrestling costumes.
The contract was signed by Sheinbaum, Soberon and F1 chief executive Chase Carey.
"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," Carey said.
"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 1.3 million spectators have attended the Grand Prix."
(With input from AFP)