Reuters reported this week that wildly popular Formula One motorcar races may be returning to Mexico in the near future after more than two decades away. Mexican entertainment company CIE is looking into the venture and hopes to facilitate the return of the races, which came to a halt due to the exorbitant cost of hosting the events.

Carlos Slim Domit, who is the son of the world's richest man (Carlos Slim), reportedly told Reuters, “It's being studied.” Slim-Domit is a self-proclaimed die-hard racing fan and already sponsors Mexico's auto association and is a member of the Federation Internationale de l'Automobile (FIA), which is Formula One's regulating body.

According to the report, Mexico City's could be one of the main locations for future Formula One races, as the facility already hosts a number of Nascar races each year and is operated by CIE. Although a hefty investment would be necessary to upgrade the track to Formula One's strict standards, it is already used for large concerts and sporting events. The Hermanos Rodriguez track hosted 15 Formula One races from the 1960s through the 1990s but, much to the disappointment of legions of fans, could not afford to continue doing so in recent years. Slim Domit also stated that a street circuit is being considered for the city of Guadalajara.

The Slim family's Telmex brand is already heavily invested in car racing and owns a team that competes all over Mexico. Sergio Perez, who is one of the team's best drivers, recently signed with Formula One, providing yet another reason for Slim Domit to get involved. In addition, Formula One races remain some of the most heavily watched in the entire world, raking in millions of dollars in advertising and sponsorship deals every year. Since Brazil is now the only host country to sponsor Formula One races in all of Latin America, this would be a boon for Mexico and would only serve to further strengthen the country's already booming economy.