ReutersMEXICO CITY (Reuters) — Mexico will stay on the Formula One calendar for three more years after a new contract was signed on Thursday, with the sport set to expand to a record 22 races next season.
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.
“It’s an honor to announce that we will carry out this event in Mexico City until 2022,” Formula One chairman and CEO Chase Carey told a news conference.
Mexico City Mayor Claudia Sheinbaum said in a statement that the agreement 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.
Officials said ticket prices will remain unchanged.
Confirmation of Mexico means the 2020 calendar is set to expand from 21 races, with new ones 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.
Mexico’s future had looked uncertain earlier in the year, with Mexican President Andres Manuel Lopez Obrador in February saying state funds would in the future go toward a tourist train project being planned in the south of the country.
Mexico returned to the Grand Prix calendar in 2015 after a 23-year absence.