Luxembourg government won't help Spa

Luxembourg has declined to help fund next year's Formula One Grand Prix at Belgium's famous circuit in Spa, which has been hit by financial problems

Luxembourg government won't help Spa

Belgium has sounded out the Grand Duchy in a search for funding to secure the future of its Spa Grand Prix.

"Prime Minister Jean-Claude Juncker has stated...that the current budgetary situation does not allow Luxembourg's authorities to participate financially in this event," the Luxembourg government said in a statement late on Friday.

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.

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 Nov. 8 to make a final decision.

Located near the border with Germany and Luxembourg, the track is a favourite of Ferrari World Champion Michael Schumacher, who made his debut at Spa in 1991 and notched up his first Formula One victory there in 1992.

 

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