Mexico City to hold Formula 1 race without public funds

MEXICO CITY (AP) — Mexico City’s mayor says a group of businessmen has resolved financing questions about this year’s Formula One race in Mexico’s capital. They’re stepping in to contribute money the government no longer wants to devote to the race.

Mayor Claudia Sheinbaum said Wednesday that “this is thanks to a group of businessmen who made this possible, because this time around the city is not investing any public funds.”

The 2019 Mexican Grand Prix will be the final race in a five-year contract under which the Mexican government stood to provide about $213 million.

But Sheinbaum and President Andrés Manuel López Obrador were opposed to spending any more government funds.

Sheinbaum said “this is good news for the city” because the race “brings tourism and income.”

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