Mexico City - If you are a Formula One racing fan, you'll be happy to hear that the F-1 Mexican Grand Prix will continue to be held in Mexico City until at least the end of 2022.

A popular event for both fans and teams since its return to the calendar four years ago, the Mexican GP was among several races - along with Spain, Germany Italy and Great-Britain - whose future beyond the current year was in doubt.

The Mexican event, held since 2015 in its second iteration at the Autodromo Hermanos Rodriguez in Mexico City, had been put in jeopardy by the Mexican government's February decision to pull the plug on the race's public funding.

But on August 8, a new three-year deal between Formula 1, the Corporacion Interamericana de Entretenimiento (CIE), the promoter of the event, and the Government of Mexico City was formally signed during a press conference held in the Antiguo Palacio del Ayuntamiento in Mexico City.

Thursday's agreement means the city will carry on staging a round of the FIA Formula 1 World Championship at the Autodromo Hermanos Rodriguez, which first hosted the race in 1963.

There is an incredible enthusiasm for Formula 1 in Mexico demonstrated by the fact that over 1.3 million fans have attended the race since 2015, the global cumulative television audience from 2015 to 2018 was 380 million, and there is an F1 fan base of 45 million across the country.

The Grand Prix is one of the most spectacular of the year, loved by the drivers and the fans. This year, the race, which has seen the drivers' title decided five times in the past, celebrates its 20th edition. From 2020 the official event title will change to Mexico City Grand Prix to emphasize the support given by the Government of Mexico City.

Mexico City is one of the most buzzing and vibrant cities in the world, and the renewal of the contract for a further three years represents a new opportunity to continue to position itself as a world class tourist destination, whilst continuing to support the development of the local economy.

With the Autodromo Hermanos Rodriguez located just to the east of the city, with a metro station ready to whip you downtown at the end of each day's racing action, the Mexican Grand Prix is a fantastic chance to mix sport, entertainment and culture.