The Mexico City Grand Prix will remain on the F1 calendar until 2025, inclusive, following an agreement between F1, the Government of Mexico City and the race promoters.

The first Mexico City Grand Prix held under the contract extension is set to take place on October 27-29, 2023.

Formula 1 returned to Mexico in 2015 and this year's race is set to attract 350,000 fans over the three days.

According to F1; "between 2015 and 2021, the event generated over $2,443m in economic activity and created 57,080. The 2021 event created 9,236 jobs alone and generated an economic benefit for the region of $768m with a further $494m in global media exposure".

"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 Stefano Domenicali, President and CEO of Formula 1.

"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 Soberon and his team for their ongoing commitment to Formula 1 and the continued success of the event."

"The Mexico City Grand Prix contract extension has been made possible thanks to the leadership of Claudia Sheinbaum and the Mexico City Government," added Corporacion Interamericana de Entretenimiento (CIE) President and CEO Alejandro Soberon. "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," said Claudia Sheinbaum, Head of Government of Mexico 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.

"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."

Check out our Thursday gallery from Mexico City here.