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Even without Sergio Perez: Mexico on the verge of a new Formula 1 contract

Mexico no longer has a regular Formula 1 driver, but still wants to hold on to its Grand Prix and is on the verge of extending its contract with Formula 1

The biggest draw for the Mexican Grand Prix is no longer on board: Sergio Perez has lost his Formula 1 cockpit at the end of 2024. Nevertheless, there will still be a Formula 1 race at the Autodromo Hermanos Rodriguez in Mexico City in the future: local officials are close to extending their contract with Formula 1.

This was hinted at by Clara Brugada, head of the Mexico City government, at a press conference. She said: “We will sign the agreement with Formula 1 next week. This is good news.”

This is because Mexico’s current Formula 1 contract expires after this year’s Grand Prix. A three-year extension is now on the table, as was the case with the two previous extensions following the original five-year contract that began in 2015.

Who is (not) financing the Mexico race

However, local organizers have not been able to rely on state aid since 2018: The Mexican state government, under its then president Andres Lopez Obrador, withdrew from financing the Grand Prix.

Since then, Mexican officials have been pursuing a two-pronged approach: a private foundation set up by several businesspeople provides the funding for the Formula 1 race, while the Mexico City government maintains relations with Formula 1 management under CEO Stefano Domenicali.

How Mexico plans to succeed without Perez

Everything should be ready in Mexico for a contract extension as early as 2024: According to sources in Mexico, the plans have been deliberately designed to accommodate a possible future without a Mexican Formula 1 driver.

The organizers are therefore confident that they will be able to attract large crowds to the track even without Perez – and with over 400,000 weekend visitors last time, the Mexican audience was one of the largest in Formula 1.

Mexico promoter Federico Gonzalez said back in 2024: “We are dealing with a new generation of racing fans who also cheer for the show and the race itself.” In addition, the organizers are deliberately promoting their Grand Prix internationally. The goal is to sell one-third of the tickets locally in Mexico City, one-third nationally in Mexico, and one-third to customers around the world.

Gonzalez said: “This will make the Grand Prix healthier in terms of spectator numbers and hopefully give us the certainty that we will be sold out even without ‘Checo’ Perez.” With this foundation, Mexico could host a Formula 1 race “for many years to come.”

Two more Grands Prix are still without a contract for 2026

Other current Formula 1 tracks, however, are on the brink: Imola and Las Vegas are still without a follow-up contract for 2026 on the 2025 race calendar. If there are to be 24 Grands Prix next year, at least one circuit will have to go, as a new Formula 1 city race has already been confirmed for 2026 in Madrid, Spain.

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