The Mexican Grand Prix has secured a three-year deal to remain in Formula One until the end of 2022 despite losing its public funding.
The future of the race was in doubt after the federal government announced it would no longer subsidise the grand prix once the existing contract expired at the end of this year. However, with the help of Mexico City's local government, the promoter of the event agreed a new deal with F1 that makes use of private investment to ensure the race remains on the calendar for another three years.
Under the new deal, the race will be renamed the Mexico City Grand Prix to underline the involvement of the local government, and the city's mayor, Claudia Sheinbaum Pardo, has promised ticket prices will remain the same as previous years.
"The presence of Formula One in the city for a further three more years, was achieved for the first time through a new financing model in which public resources are not used," she said. "Previously the Federal Government collaborated with the payment for the event.
"The Mexico City government will be an intermediary, creating a trust that will raise the private investment required to deliver this international event. The price of the tickets will remain the same as in previous years."
F1 CEO Chase Carey added: "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. Ever since it returned to the championship calendar in 2015, this event has always proved to be amazingly popular with the public and fans, not just in Mexico, but also around the world.
"I would like to thank the Mayor, Claudia Sheinbaum Pardo and the Date 8 August 2019 entire government of Mexico City for all their efforts in ensuring that Formula One continues in Mexico and I look forward to seeing another big crowd of fans at the Autodromo Hermanos Rodriguez from 25 to 27 October for the Formula One Gran Premio De Mexico 2019."
Mexico was one of five races with a contract set to expire at the end of 2019, alongside Great Britain, Spain, Germany and Italy. Silverstone announced a new deal in July, while contract extensions with Spain and Italy are expected to be announced later this year.
Germany is expected to drop off the calendar next season, but the Dutch Grand Prix in Zandvoort will make a return along with an all-new race in Vietnam.
The addition of the two new events will see the calendar expand from 21 races to 22, following the agreement of all teams to an extra race last weekend.