Back in the race: Mexico poised for Formula 1 return

Mexico is set to return to the Formula One calendar for the first time in 23 years after it was announced that a five-year deal has been agreed for a round of the motor-racing series to be staged in Mexico City from 2015.

Mexican live events company CIE confirmed the contract in a filing with the Mexican stock exchange on Tuesday. Terms of the deal were not disclosed with CIE adding that the contract is still subject to final negotiations.

The race deal is expected to be formally confirmed at a press conference in Mexico later today. The race will be held at Mexico City's Autódromo Hermanos Rodriguez which last hosted an F1 event in 1992. Formula One chief executive Bernie Ecclestone told the Forbes website that the Mexican GP has got the green light and said 'we have got Mexico past the post.'

Ecclestone has been keen to return Mexico to the F1 calendar, with the country having been granted provisional status on this season's line-up only to be removed in December owing to concerns over the readiness of the proposed circuit in Mexico City.

Mexico is an increasingly important market for Formula One owing to the presence of Sergio Perez and Esteban Gutierrez on the grid. The two drivers have brought substantial commercial backing from Mexican firms to their respective teams, Force India and Sauber.

The addition of Mexico will add another new race to the 2015 F1 calendar. Ecclestone confirmed in May that Azerbaijan will hold its inaugural race in 2015 on a street circuit in Baku. The capital city is due to host the inaugural edition of the European Games multi-sport event in the same year.