Financial troubles threaten Spa future

Belgium has sounded out the Grand Duchy of Luxembourg in a search for funding to secure the future of its Grand Prix at Spa after the race promoter hit financial problems

Financial troubles threaten Spa future

Spa is one of Formula One's great and historic circuits but last month's race had poor ticket sales.

The regional Walloon government lent 15 million euros ($18 million) to the promoter to pay Formula One supremo Bernie Ecclestone for the 2005 race and needs a partner to help fund the future.

"We hope we can keep it going," a tourism ministry official told Reuters on Friday. "We are talking with the Grand Duchy of Luxembourg, but there could be other partners involved."

Ecclestone's company, Formula One Management, holds the commercial rights to the sport. The government is considering having Ecclestone replace the promoter should it be forced to withdraw.

A major shareholder of the track, the government will meet on November 8 to make a final decision, the official said.

Located near the border with Germany and Luxembourg, the track is a favourite of many Formula One drivers.

Luxembourg used to lend its name to a Formula One Grand Prix at the Nurburgring in Germany.

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