French GP Receives Financial Guarantees

Financial guarantees have been secured for the French Formula One Grand Prix to take place in July next year, French motor racing's governing body said on Friday.

French GP Receives Financial Guarantees

Financial guarantees have been secured for the French Formula One Grand Prix to take place in July next year, French motor racing's governing body said on Friday.

The French Motor Sports Federation (FFSA) said in a statement it had "signed and sent to Formula One Management (FOM) the contract for the organisation of the 2004 French Formula One Grand Prix, including the stipulated financial guarantees".

The French race was in jeopardy because of financial problems but the FFSA had pledged to find the necessary funds for the race to go ahead.

Initially scheduled for July 11, the Grand Prix at Magny-Cours was moved forward to July 4, on condition that the funds required by Bernie Ecclestone's FOM were found and that all teams agreed to take part.

The teams must still agree by December 31.

FFSA's announcement came while the Burgundy regional council, who had planned to grant two million euros to help the race go ahead, had its budget rejected by the Socialist and National Front opposition.

If the French Grand Prix does go ahead, the 2004 calendar will have a record 18 races.

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