Formula 1 will continue racing in Mexico for another three years after the promoters of the event inked a contract extension.

Next year’s Mexico City Grand Prix will be the first under the new deal, which runs until 2025.

“I am very pleased to announce that Formula 1 will continue to race in Mexico City for another three years under this new agreement,” said Formula 1 CEO, Stefano Domenicali.

“Every year the race attracts a large number of passionate fans, and the atmosphere is incredible, and I know everyone will be excited by this news.

“I want to thank Claudia Sheinbaum, the Head of Government for Mexico City, and Alejandro Soberón and his team for their ongoing commitment to Formula 1 and the continued success of the event.”

Alejandro Soberon, Corporacion Interamericana de Entretenimiento (CIE) President and CEO, added: “The ability to host the race in the nation’s capital until 2025 is the result of a coordinated effort to preserve an event that brings benefits to the city and excitement to thousands of fans.

“We will keep working to ensure the race continues to be a strong contributor to our city’s economy.”

“Formula 1 is very important for the city, not only because of its considerable economic impact, but also because millions of people around the world watch it and it showcases the beauty and grandeur of Mexico City to the whole country and the entire world,” said Claudia Sheinbaum, Head of Government of Mexico City.

“Since we took over the government of Mexico City, we endeavoured to put in place a mechanism that would allow Formula 1 to be held with the participation of entrepreneurs who not only benefit from the event but are also keen to make it happen because they love the city, and they love Mexico.”

Mexico first hosted Formula 1 in 1962 with a world championship race, won by Jim Clark who took over team-mate Trevor Taylor’s Lotus Climax.

The venue was absent from 1971 until the mid-1980s, returning in 1986 before disappearing again in 1992.

It returned once more in 2015 before last year changing name to the Mexico City Grand Prix.

The event, be it the Mexican Grand Prix or the Mexico City Grand Prix as it has become known, has always been held at the Hermanos Rodriguez venue.