The Mexico City Grand Prix will remain a fixture for at least another three years after local promoters agreed terms with Formula 1 Management to extend the event.

The Autodromo Hermanos Rodríguez circuit was set to host F1 for the last time this year.

Organisers in Mexico had stated their desire to see the event continue despite the absence of local favourite Sergio Perez.

“We are very excited to announce that the Mexico City Grand Prix will continue to be part of our calendar through the 2028 season,” said Formula 1 Management boss Stefano Domenicali.

“Formula 1 is energy, passion and emotion, and every year the unique atmosphere created by our fans in Mexico City is one of the most incredible and energetic experiences of our championship.

“We look forward to continuing this extraordinary collaboration together and seeing the incredible enthusiasm of the Mexican fans again in October.”

It’s believed the Mexico City Grand Prix contributes around AUD $47 million annually to F1 Management’s coffers, a figure that is expected to rise marginally with the new agreement.

By contrast, it’s understood Azerbaijan forks out almost AUD $90 million for its race, with its deal set to expire after next year’s event.

The Formula 1 calendar is currently in something of a holding pattern as several existing agreements run down, while the sport has locked others in long-term.

F1 targets new calendar model with eight races set for renewal

Once settled, it will see the likes of the Belgian Grand Prix run every other year as it shares its spot on the calendar with another race.

The Emilia Romagna Grand Prix has been floated as another potential candidate for a rotating place on the schedule with Domenicali recently drawing its continued presence into question.

Italy’s second event is among the lowest-paying on the calendar, though only just behind the existing Spanish Grand Prix, which will cease to be in its current form after 2026.

The move to rotating events is viewed as a way of both maximising income from existing events and maintaining F1’s cultural and historical heartland, while opening the way for new, high-paying events to join the calendar.

Thailand is thought the most likely to join the calendar with talk of an event in Africa having cooled in recent months.