F1 welcomes back Mexico amid falling television ratings

FIA chief Jean Todt told media in Mexico City on Tuesday that the Formula 1 is seeking cost reductions amidst concerns over falling attendance and television ratings, as the French-based body prepares to welcome back the Mexican capital into the F1 fold.

Mexico City returns to the Formula 1 calendar in 2015 after a 23-year absence. Its inclusion will see the sport expand to a record-equalling 20 races next season.

But it comes amidst calls for an overhaul of the F1. Former FIA president, Max Mosley, has warned that increasing costs, uncompetitive race practices and falling audience numbers are putting the sport at risk.

Todt said the body will look at how to reduce costs in the coming years.

“We want to address in Formula One how we can still improve the show in the coming years and reduce the cost,” he said.

Mexico is giving its old F1 track a complete makeover in time for its 2015 return. It was last used when Nigel Mansell clinched victory in 1992 and has since been restructured and resurfaced to reduce notorious bumpiness.

Todt hailed the new Mexico track.

“And I’m told that the work has been done to refresh, restructure has been absolutely outstanding and we’re very much looking forward to this event at the end of the year,” he added.

The return was originally planned for 2014, but organisers could not update the track in time.

The November 1 race in Mexico City will be paired with the U.S. Grand Prix in Austin, Texas, the previous weekend and is expected to generate great domestic interest.

There are two Mexican drivers currently on the F1 grid, Esteban Gutierrez at Sauber and Force India’s Sergio Perez, who have both been bankrolled by Mexican billionaire Carlos Slim.