FILE PHOTO: Formula One group CEO Chase Carey attends the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Denis Balibouse
MEXICO CITY (Reuters) – Mexico will stay on the Formula One calendar for three more years after a new deal was signed on Thursday.
Formula One said the race would change its name to the Mexico City Grand Prix from 2020 to emphasize the support of the city authorities.
“We are pleased to have renewed our partnership with Mexico City, which will now host the Formula One Mexican Grand Prix until at least 2022,” said Formula One chairman and CEO Chase Carey.
Mexico City mayor Claudia Sheinbaum said in a statement that the deal was based on a new financing model without the use of 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,” she said. Ticket prices will remain unchanged.
Confirmation of Mexico means the 2020 calendar is set to expand from 21 races to a record 22, with a new round in Vietnam and the return of the Dutch Grand Prix while Germany is set to drop off.
Reporting by Alan Baldwin in London, editing by Ed Osmond