The future of Belgian Grand Prix has been secured after successful talks between the local Wallonian government and Formula One owners Liberty Media.
The current deal was due to expire after this year’s edition of the race, which takes place on 26th August. However, the new agreement means that the Grand Prix at Spa-Francorchamps will continue for the next three years.
Despite the popularity of the circuit, its operating losses are paid for by the local government. However, it is viewed as a worthwhile event by the authorities, with Walloon Economics Minister Pierre-Yves Jeholet signing off on the new deal.
It has been reported that 200,000 tickets have already been sold ahead of this year’s race weekend, with 75,000 for the day of the race alone. These numbers have been boosted in recent years by the presence and success of Max Verstappen, the 20-year-old Belgian who races for Red Bull.
Jeholet said: “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.”
“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 in 2017, an increase of 21 percent from 2016.”