CCN Mexico Report™
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300 Words

June 10, 2014
300 Words

Mexico has long maintained a strong connection with competitive race car driving, and its love of such stems from the legendary Pan-American Mexican Road Race, which placed Mexico on the global auto racing map. Twenty-three years after the last Grand Prix race in was held there, Formula 1 racing will return to Mexico. This decision is the result of collaboration between the federal government and local officials in Mexico City, as well as affiliates of two different political parties, the PRI and PRD. The federal government understands the benefit this race will bring to the country stemming from the boost to the economy in the form of increased tourism and international business. The federal government paid $360 million dollars for five years of races, and the government of Mexico City’s Federal District will spend an additional $100 million dollars to retrofit the Hermanos Rodríguez racetrack to accommodate the new Grand-Prix races. These days, Mexico’s presence in Formula 1 can be seen by the participation of Mexican drivers Sergio Pérez and Esteban Gutiérrez, along with Carlos Slim’s $5 million dollar sponsorship of Sergio “Checo” Perez. Such presence is also evident in the millions of dollars paid for broadcasting rights by Telemex and Telcel, and $20 million dollars in advertising each year on the Fox network, which owns the broadcast rights to these races. Naturally, some concern exists that Formula 1 in Mexico may affect the annual event held at the Circuit of the Americas in Austin, Texas where it is projected that 40% of attendees are Mexican. Nevertheless, most predict that the Grand Prix of the United States will not be affected, but will instead benefit from the natural competition of the two races to determine which is the best organized and the most entertaining. Surely, Mexicans will attend the race in Austin and still make time for the new race in Mexico City.

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