Earlier this year, Mexico City signed a deal with the FIA to continue hosting a Formula One race through 2022. This comes after months of speculation on the future of the Autodromo Hermanos Rodriguez, ahead of the Mexican Grand Prix 2019.
This was largely because the government were reluctant to spend millions of dollars to renew its hosting rights for the race. Fortunately, it has been sorted, as the new contract assures that no government money will be spent. In addition to that, from 2020 onwards, the race will be known as the Mexico City Grand Prix
“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 divulged a press conference.
According to Alejandro Soberon, CEO of CIE, private investment and new financing models would be implemented in 2020 till 2022. While officials were silent on the identity of the investors, the newspaper, Milenio claimed that billionaire Carlos Slim and companies such as Coca-Cola, Heineken and Citibanamex were among them.
As for the reason behind the name change, Sheinbaum said it was important for the city to keep the race. The Mexican Grand Prix 2019 is scheduled for October 27 and expected to bring in $700 million to the local economy. It would also result in 8,000 short-term jobs and bring 300,000 international visitors to the capital.
The Mexican Grand Prix 2019 is regarded as one of the most colourful venues on the F1 circuit. It is famous for enthusiastic fans clad in mariachi outfits or zany “Lucha libre” wrestling costumes. The contract was signed by Sheinbaum, Soberon and Formula One chief executive Chase Carey.
The news of the Mexican Grand Prix 2019, staying on the calendar longer, will undoubtedly please home hero Sergio Perez. The Racing Point driver admitted that he was initially afraid that the country could lose the rights to the F1 race for a long time.