Mexico GP staying on F1 schedule after securing private finance

External investment to cover US$45m annual costs and retain the race through to 2022.

Mexico GP staying on F1 schedule after securing private finance

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Organisers of the Mexican Grand Prix have announced the race will remain on the Formula One calendar beyond 2019.

The event’s initial five-year contract was up at the end of this season and the future of the race had been under threat after the withdrawal of significant public funding from the Mexican government. President Andres Manuel Lopez Obrador recently said the money being spent was needed for other tourism projects.

Now, the race is set to stay at the Autodromo Hermanos Rodriguez circuit, after Mexico City mayor Claudia Sheinbaum confirmed a group of businessman would help cover the annual cost of hosting, estimated at US$45 million. Additional reports say the new deal will run through to 2022.

A statement released via the race’s official Twitter feed said: ‘The City of Mexico's #FIESTA will continue! Thanks for being the best fans on the planet. Stay tuned on our social channels tomorrow to know all the details.’

The Mexican Grand Prix was one of five races up for contract renewals this year, alongside Germany, Italy, Spain and the UK. All are now expected to stay on the Formula One schedule past 2019, with the exception of the German event after the sport’s chief executive Chase Carey admitted talks regarding a renewal were “complicated”.

Formula One has held a Mexican Grand Prix every year since 2015. The series previously raced in the country between 1963 and 1970 and from 1986 to 1992. This year’s event takes place on 27th October.