Mexico to host Formula 1 Grand Prix

After a 23-year absence, Mexico City will once again play host to Formula 1 Grand Prix.

Backed by Carlos Slim, owner of TelMex and Tavo Hellmund, the creator of F1 US Grand Prix andCircuit of the Americas, organizers of the event have agreed to a five-year deal to run the race at Autodromo Hermanos Rodriguez in Mexico City.

At a press conference, organizing president Alejandro Soberon said, “It is a fact. Start your engines, F1 will return to Mexico. This is Mexico’s time.”

Only the world’s top 15 largest economies have ever been invited to host the prestigious event, of which Mexico ranks 15.

Mexico City’s hosting of the three-day F1 Grand Prix is estimated to generate more than $2 billion over the five year agreement.

Francisco Mass Pena, undersecretary of quality and regulation at the ministry of tourism, said that the event will also promote the occupancy of six out of 10 hotel rooms in the capital and create some 18,000 jobs.

This year, the first racing day of the Forumla 1 Grand Prix will be on October 30 with the final race day being November 1. It’s expected to attract more than 520 million television viewers and an attendance in excess of 250,000.

Mexico City mayor Miguel Angel Mancera said that in addition to generating revenue, the event will offer a great exposure opportunity for Mexico.

Nigel Mansell won the F1 race in 1992, which was the last time Mexico hosted the Grand Prix. He went on to win the World Drivers’ Championship.

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