This archive report was first published on 12 August 2019.
Formula One has secured a three-year contract extension with Mexico, ensuring the country's continued presence on the sport's calendar until 2022.
According to a statement from Formula One chairman and CEO Chase Carey, the new contract was signed on Thursday, paving the way for the sport to expand to a record 22 races next season.
As part of the agreement, the Mexico City Grand Prix will change its name from 2020 to emphasize the support of the city authorities.
“It’s an honour to announce that we will carry out this event in Mexico City until 2022,” Carey said at a news conference.
The Mexico City government will play a key role in the event's organization, creating a trust to raise private investment and avoid using public resources.
“The Mexico City government will be an intermediary, creating a trust that will raise the private investment required to deliver this international event,” said Mexico City mayor Claudia Sheinbaum.
Ticket prices will remain unchanged, and the event will continue to be organized by CIE, which has won the governing FIA’s award for best event for the past four seasons.
Confirmation of Mexico's continued presence on the calendar means the 2020 schedule is set to expand from 21 races, with new events in Vietnam and the Netherlands, while only Germany is set to drop off.
Teams agreed to the extension at last weekend’s Hungarian Grand Prix, and the news comes after Mexico's future had looked uncertain earlier in the year.
President Andres Manuel Lopez Obrador had stated in February that state funds would in future go towards a tourist train project in the south of the country.
Mexico returned to the grand prix calendar in 2015 after a 23-year absence, and the race has been a key event in the sport, with Mercedes driver Lewis Hamilton clinching the title there in 2017 and 2018.
