Mexican F1 race in doubt after government to pull funding
The future of the Mexican Formula One Grand Prix is at risk after the government has decided to shift funding to the proposed Mayan tourism train project.
Mexico City mayor Claudia Sheinbaum said the federal government will likely no longer fund the race from 2020.
The government usually contributes 400 million pesos (US $21 million) for the race annually.
However Sheinbaum said there is no risk to this year’s race in October going ahead as planned.
"We’ve sat down with (race organizer) Ocesa, to see if it can reduce the amount [of funding] or if there are any other alternatives," she said.
Alejandro Soberón, chief of Ocesa said the F1 race generates about 14.8 billion pesos (US $774 million) in spending and media rights.
The race, held at the Autódromo Hermanos Rodríguez race track, attracts more than 30,000 spectators, including many foreign F1 fans.
About 22% come from the United States according to data released by StubHub.
The race only returned to Mexico in 2015 after a gap of 23 years.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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