LONDON: The Belgian Grand Prix will continue to be a part of the Formula One grid for another three years at least after a deal was signed this week between Spa-Francorchamps’ regional Wallonian government and F1 owners Liberty Media.
Belgian business newspaper L’Echo reports that the deal extends the current contract (which runs out after the 2018 event) until 2021.
The race’s annual operating losses are paid by the local government, and offset by the economic benefits to the region.
Motorsport.com reports 200,000 tickets have already been sold for this year’s event, of which 75,000 are for race day – boosted by the legion of fans in nearby Holland rooting for Red Bull Racing’s Belgian-Dutch racing driver Max Verstappen, who competes under the Dutch flag in F1.
“It’s a good deal which ensures that the region of Wallonia retains an event which contributes to the promotion the region on the world stage,” Wallonia’s vice president and economy minister Pierre-Yves Jeholet told L’Echo.
“It’s also a new era because it’s the first time we’re negotiating with the directors of Liberty Media.
“The proceeds for the Wallonian economy were €20.5 million in 2017, an increase of 21% from 2016.”
