Formula 1 race is on after all; CDMX to sign contract Mexico GP set to extend contract with F1! https://f1i.com/news/350924-mexico-gp-set-to-extend-contract-with-f1.html The promoters of the Mexican Grand Prix have announced on social media that they are set to sign a new three-year deal with Formula 1 on Thursday. The Mexican event, held since 2015 in its second iteration at the Autodromo Hermanos Rodriguez in Mexico City, was among several races - along with Spain, Germany Italy and Great-Britain - whose future beyond the current year was in doubt. "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," organisers announced on the race's official Twitter account. The promoters of the Mexican Grand Prix have announced on social media that they are set to sign a new three-year deal with Formula 1 on Thursday. The Mexican event, held since 2015 in its second iteration at the Autodromo Hermanos Rodriguez in Mexico City, was among several races - along with Spain, Germany Italy and Great-Britain - whose future beyond the current year was in doubt. "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," organisers announced on the race's official Twitter account. Saudi Arabia talking to Liberty about F1 Grand Prix! The news was also confirmed in a video released on Twitter by Mexico City's mayor, Claudia Sheinbaum. "I want to share some good news that I just received," she said. "Formula 1 is staying in Mexico City. The FIA president is going to be here tomorrow to sign it. This is good news for the city. "I also want to tell you that this is thanks to a group of businessmen who made this possible because this time the city is not using any public funds. "It's good news for the city. It brings tourism, it brings income, and it's also good for the country." A popular event for both fans and teams since its return to the calendar four years ago, the Mexican GP's future had been put in jeopardy by the decision of Mexican president Manuel Lopez Obrador to pull the plug on the race's public funding. Monza and Barcelona have yet to formally announce new agreements with F1's commercial rights holder Liberty Media, but both races are expected to remain on the sport's schedule for 2020. However, lingering doubts remain about Germany and Hockenheim, with the event's promoters still searching for the necessary financial backing to save their race. The Mexican GP organisers have announced that the race is set to continue beyond the current contract, which ends after this year's event. Along with Britain, Spain, Italy and Germany, Mexico City is one of five grands prix that came up for contract renewal this year, and whose promoters have been in negotiation with the F1 organisation. The race's official Twitter feed said today: "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 news was confirmed in a video by Mexico City mayor Claudia Sheinbaum, who took over the office in December. "I want to share some good news that I just received," she said. "Formula 1 is staying in Mexico City. The FIA president is going to be here tomorrow to sign it. This is good news for the city. "I also want to tell you that this is thanks to a group of businessmen who made this possible because this time the city is not using any public funds. It's good news for the city. It brings tourism, it brings income, and it's also good for the country." The withdrawal of significant public funding had meant that the race's future was under serious threat, despite the huge crowds attracted since 2015, thanks largely to the presence of Sergio Perez Sergio Perez 11 Sergio Perez Team: Racing Point Born: 1990-01-26 (age 29) Nationality: Mexico More info . The official announcement of the deal will be made at the mayor's office on Thursday, which will coincide with Liberty's release of its latest quarterly financial results. Sources suggest that the deal is for three years, rather than the five of the previous contract. Thus far, of the five out-of-contract events, only Silverstone has been formally confirmed, so a second extended deal will allow the sport's owners to announce some good news. Italy and Spain are also both set be renewed, with Germany falling off the calendar. https://www.motorsport.com/f1/news/mexican-grand-prix-2020-contract/4509928/ https://www.reuters.com/article/us-mexico-formula1/private-donors-revive-formula-one-race-in-mexico-after-government-cut-funds-idUSKCN1UX1Y7 https://www.eluniversal.com.mx/english/mexico-city-announces-new-3-year-contract-formula-1 https://www.crash.net/f1/news/927042/1/new-mexican-gp-contract-set-be-signed-thursday http://www.startribune.com/mexico-city-to-hold-formula-1-race-without-public-funds/525610672/ MEXICO CITY — Mexico City's mayor says a group of businessmen has resolved financing questions about this year's Formula One race in Mexico's capital. They're stepping in to contribute money the government no longer wants to devote to the race. Mayor Claudia Sheinbaum said Wednesday that "this is thanks to a group of businessmen who made this possible, because this time around the city is not investing any public funds." The 2019 Mexican Grand Prix will be the final race in a five-year contract under which the Mexican government stood to provide about $213 million. But Sheinbaum and President Andrés Manuel López Obrador were opposed to spending any more government funds. Sheinbaum said "this is good news for the city" because the race "brings tourism and income."