Belgian GP secures three-year F1 contract extension at Spa

The future of the Belgian Grand Prix has been secured by the local government, which has signed a new three-year extension with Formula 1's owners Liberty Media

Belgian GP secures three-year F1 contract extension at Spa

Belgian business newspaper L'Echo reports that the deal was signed this week, between Spa-Francorchamps' local Wallonian government and Liberty, extending the current deal which runs out after the 2018 event.

The race's annual operating losses are paid for by the local government, and offset by the economic benefits to the region. It reports 200,000 tickets have already been sold for this year's event, of which 75,000 are for race day - boosted by Max Verstappen's legion of fans in Holland and Belgium.

"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 Euros in 2017, an increase of 21 percent from 2016."

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