The Mexico City Grand Prix is ​​profitable because of the economic spillover

For CDMX, holding the Formula 1 Grand Prix is ​​important because of the economic flow, tourism and exposure of the capital to the world

Second contract of Formula 1 with Mexico culminated in 2023, but due to economic spillover events, government support the city of MexicoI am a group of business people who pay for the right to have a date on the calendar, CDMX Grand Prix signed a third contract until 2025.

The authorities explained that efforts to CDMX Grand Prix which continue to be implemented every year are in the hands of private initiatives, because there is no more public money to pay for contracts with Formula oneand it was not in the scenario of the officials that the race was stopped at Autodromo Hermanos Rodríguez.

Agreement between Formula one and the organizers in Mexico have extended it until 2025, because it is the event that generates the greatest economic benefit in Mexico City, above any other sporting and cultural event.

“For the city of Mexico it is profitable, because it creates temporary employment and strengthens permanent employment. Part of the spill is not only physical in CDMX, with federal participation we are restoring a large national and international tourism presence, it is very important that these kinds of events take place in Mexico”, noted the head of the secretary of economic development.

The Formula one returned to Mexico in 2015 and became the event that left the largest economic spill on Mexican territory. For the 2022 edition, revenue of 15 billion 500 thousand pesos is estimated Mexico City Grand Prixin which Checo Pérez appears as a star in the fight for the place of world runner-up, as the driver of the Red Bull Racing team.

“There are business people, that’s all, it’s sports and economic madness, everyone wants to join, because of the economic spillover it creates. They make all kinds of t-shirts, caps, jackets, some official and some not, drinks, food, restaurants, cinemas, so we believe it’s very important that F1 stays in Mexico,” the official added.

The Mexico City Grand Prix left an outpouring of 15.881 million pesos during the weekend of the 2021 issue, CIE director Alejandro Soberon announced.

The director pointed out that 9.993 million was directly generated from the mentioned amount by exposure and 9.236 jobs.

Now, 20,000 million pesos are expected to pour in this weekend, making it once again the most important sporting event at the national level.

“Millions of people who want to Formula 1 they will come to Mexico and it is important that they come and we will do everything from our side while we are in the government and now it is guaranteed”, commented Prime Minister Claudia Sheinbaum.

“We are all looking for the best experience and creating an extraordinary environment. Mexican fans, the dedication and affection that sets them apart. This Grand Prix is ​​the biggest success in these seven editions and creates a reference. This gives me great pleasure”, added Alejandro Soberon.

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