UPDATE 1-Motor racing-Mexico is back on the F1 calendar in 2015
(Adds comments from CIE executive on investment, expected returns, paragraphs 12-13)
July 23 (Reuters) - Mexico is to return to the Formula 1 calendar in 2015 after a 23-year absence, Alejandro Soberon, president of live events company CIE, confirmed on Wednesday.
"Start your engines, F1 will return to Mexico next year," Soberon was quoted as saying on the BBC's website (www.bbc.co.uk).
CIE announced to the Mexican stock exchange on Tuesday it has signed a five-year contract to host Formula One races but that the deal was still subject to final negotiations.
The race will be held at the Autodromo Hermanos Rodriguez in Mexico City.
F1 boss Bernie Ecclestone earlier told the Forbes magazine website (www.forbes.com) that the deal had been agreed.
"We have got Mexico past the post," he was quoted as saying.
Forbes said that the plan to revive the race had the backing of a powerful management team, led by two key figures.
One is Tavo Hellmund, the creator of the U.S. Grand Prix and the Circuit of the Americas in Austin, Texas, and Soberon, whose CIE company is the world's third largest live entertainment business. Continuación...