Mexico will remain part of the Formula 1 calendar until at least 2022 after signing a new deal with Liberty Media this week.
The race at the Autodromo Hermanos Rodriguez has been a big success since returning in 2015, with the stadium section creating one of the best atmospheres of the season.
When the country's new president was sworn in last year, however, he vowed to cut funding for the race as part of an austerity package leading to bleak prospects of a quick demise
However, that has now been avoided.
“The presence of Formula 1 in the city for further three more years, was achieved for the first time through a new financing model, in which public resources are not used," Mexico City Mayor Claudia Sheinbaum Pardo explained.
“Previously the Federal Government collaborated with the payment for the event.
“The Mexico City government will be an intermediary, creating a trust that will raise the private investment required to deliver this international event.
“The price of the tickets will remain the same as in previous years.”
As for F1 CEO Chase Carey, he was thrilled to see the race remain on the schedule.
“We are pleased to have renewed our partnership with Mexico City, which will now host the Formula 1 Mexican Grand Prix until at least 2022," F1 CEO Chase Carey commented.
"Ever since it returned to the championship calendar in 2015, this event has always proved to be amazingly popular with the public and fans, not just in Mexico, but also around the world.
"Proof of this is the fact that the race promoter has won the FIA award for the best event no fewer than four years in a row and, in those four years, over 1.3 million spectators have attended the Grand Prix.
"The Grand Prix has also been an important economic driver for the city, reinforcing its credentials as a centre for tourism, and I look forward to seeing another big crowd of fans at the Autodromo Hermanos Rodriguez from 25 to 27 October for this year's race."
This announcement comes after news last week that the Spanish GP is set to remain for at least one more year as the Catalan government give the green light for a deal to be signed.
But to confirm that, teams had to give consent for what will be a record-breaking 22-race season in 2020 and that was seemingly granted last Sunday.
“In a nutshell, we’ve basically agreed to have the 22nd race,” Mercedes boss Toto Wolff told Reuters.
“We’ve got to let Liberty do their business and the business is to grow Formula 1 and if they are able to attract promoters, we’ve got to support them.
“We are up for it. We shouldn’t change the technical regulations for an additional race, that was the debate we had ... it shouldn’t be seen as an opportunity; ‘Hooray, let’s increase the number of components’.
“Equally we’ve got to protect our people and all of us because it could come to a point where it’s not manageable any more with one single crew travelling to all races. So that becomes a factor that obviously needs solutions.”
