Liberty Media has sealed another circuit’s contract extension in the Formula 1 Championship as the Belgian GP stays on the calendar for another three seasons.
Spa-Francorchamps will continue to host the Belgian GP until the 2021 season after a new deal with Liberty Media, announced on Wednesday. The Belgian circuit is one of the oldest and most iconic F1 venues to host a grand prix event.
The last three-year deal was signed under Bernie Ecclestone in 2015, with Liberty Media and the Walloon Government opting for another three-year cycle. However, reports suggests the Government officials have requested for a fees drop with the new contract.
“This is a good deal which makes sure that such an important event stays in our region, thus placing us on a global visibility platform,” said Walloon’s Government’s Minister of Economy, Pierre Yves-Jeholet.
“The regional and national economic benefit is significant: in 2017 we had a return on investment of 315% and ticket sales increased by 7.5%. It is also a significant first for us as we have now concluded a successful and rewarding negotiation with Formula 1.”
F1’s Director of Promoters and Business Relations, Chloe Targett-Adams said: “We are really pleased to have reached this agreement which means that the Formula 1 Belgian
Grand Prix will stay on the calendar for a further three years.
“Formula 1 was born in Europe and the future of this sport needs to maintain its solid roots, while expanding globally and Spa-Francorchamps is part of that fantastic history. We are particularly pleased that the new agreement is an improvement on the previous one, for Formula 1 and for our partner Spa Grand Prix so that fans attending this race will enjoy a truly unforgettable experience.”
Even with all the new circuits being proposed to be added on the F1 calendar, Liberty Media’s Chase Carey has earlier stressed that they will do all to keep the valued F1 tracks like Spa-Francorchamps in the future calendars.