By THE PULSE NEWS MEXICO STAFF

Mexico City Mayor Claudia Sheinbaum announced Wednesday, Aug. 7, that, thanks to private sector sponsors, the city will, for at least three more years, retain its calendar spot for the Formula 1 (F1) Grand Prix, the highest class of single-seater auto racing under the Fédération Internationale de l’Automobile (FIA).

Earlier this year, the capital’s spot was put in jeopardy because Sheinbaum announced that the city government would not provide funding for the much-anticipated race.

Sheinbaum said that the salvation of Mexico City’s Formula 1 spot was “thanks to a group of businessmen who made this possible, because this time around, the city will not be investing any public funds (in the race.”)

She also noted that the event will bring in significant tourism revenues for Mexico City.

The race is expected to cost about 400 million pesos.

The race is slated to be held in Mexico City from Oct. 25 through Oct. 27.