Thursday October 21st, 2004

Mexico is set to return to the Formula One calendar in 2006 after officials claimed they have reached a deal with the sport's supremo Bernie Ecclestone.

The Grand Prix would be hosted in the Caribbean city of Cancun after an investment of around $100 million to build a new circuit.

Mexican authorities told the country's press that all the details of the deal and the project would be made public next Monday.

Ecclestone this week said he has been approached by a country willing to invest hundreds of millions of dollars to construct a new Formula One circuit and to make a guaranteed commitment. He did not name the country, however.

The new deal would be for seven years with an option on F1's part to extend by five years.

The tycoon said he could not make a sensible business case for turning the interested country down in order to give the British Grand Prix organisers a two-year deal at a significant discount. Ecclestone said the British race would not be on the calendar in 2005.

Mexico last hosted a Formula One Grand Prix in 1992.

Published at 09:25:16 GMT

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