New financial model key to Mexican Grand Prix deal

Claudia Sheinbaum Pardo, Mayor of Mexico City has revealed a new financial model was the key behind the Mexican Grand Prix renewing its contract until 2022. She also confirmed that ticket prices will not be affected.

Sheinbaum Pardo announced the news on her Twitter on Wednesday afternoon before Formula 1 officially announced the news on Thursday with Chase Carey describing the race as "amazingly popular".

The race had been in doubt after government funding was cut but Sheinbaum revealed the new financial model was essential in the sport's presence in Mexico.

“The presence of Formula 1 in the city for further three more years, was achieved for the first time through a new financing model in which public resources are not used," said the Mayor of Mexico City.

She also confirmed that ticket prices would not be affected, adding: "The price of the tickets will remain the same as in previous years.”