Belgium, Ecclestone in talks over Spa

The government of the country's southern Walloon region was also continuing to look for private investors willing to help finance the race at Spa after Luxembourg declined earlier this month.

"We are searching for a solution for the Grand Prix but not at any price," said Philippe Malburny, spokesman for Walloon's economy minister, on Friday.

"There are two possibilities, either we organise it or we don't."

Although Spa is one of the great and historic Formula One circuits, its promoter has run into financial trouble after poor ticket sales this year.

The government had to lend the promoter 15 million euros ($18 million) to pay Ecclestone for the 2005 race.

One of the options it is considering is for the 75-year-old Briton to take over the running of the event.

Commercial Rights

Ecclestone controls the commercial rights to the sport through Formula One Management (FOM).

Despite the difficulties, the race has been included on the provisional 2006 calendar with a Sept. 17 date.

Since the government began talking to Ecclestone earlier this month, it has found itself at the centre of a political row over the possible tens of millions of euros it might have to guarantee him.

This likelihood has raised the ire of local politicians, who wonder whether the government can afford it given the other problems it faces in Wallonia, Belgium's poorest region.

"The government has agreed the course in Spa is one of the most beautiful but the priority for the government is the creation of wealth to improve the life of its citizens," said a spokesman for the dominant Socialist party.

Located near the border with Germany and Luxembourg, the track is a favourite of Ferrari's seven-times World Champion Michael Schumacher, who made his debut at Spa in 1991 and claimed his first Grand Prix win there the following year.