Mexico's president pulls the plug on Grand Prix funding!

40

Mexico's president Andres Manuel Lopez Obrador has said that he will review his country's contract with Formula 1 and in all likelihood cut the event's government funding.

The Mexican Grand Prix returned to the F1 calendar in 2015 after a 23-year absence, the venue and its promoters receiving many accolades from the sport for the race's organization and popularity.

According to the Financial Times, the Mexican government's annual subsidy of the event is worth approximately $20 million, but President Andres Manuel Lopez Obrador has now earmarked that money for a multi-billion dollar railway project.

Carey says deal with Vietnam met with 'excitement'

The Maya Train railway line, which will run almost 1000 miles, is intended to link passengers to the country's archaeological sites and popular tourist destinations.

"I do not know how the F1 contracts are. If they are not signed, we will not be able to," said AMLO, as he is known, at a press conference on Tuesday.

"In some cases, events were financed by the tourism development fund and that fund is committed to the construction of the Maya Train.

"We do not know in what situation these contracts [with F1] are. We are going to review them. We will continue to support all sports but with austerity, without excess, without waste."

The promoters, whose contract with Formula 1 runs out at the end of 2019, will soon meet with the Mexican government and Liberty Media to discuss the future of the Mexican Grand Prix.

They will no doubt invoke the event's significant economic impact on Mexico City and its region to convince the country to remain on the calendar.

A left-wing politician and former mayor of Mexico City, Andres Manuel Lopez Obrador took office last December and has promised "radical transformation" in his country.

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.