Wallonia's goverment is pursuing negotiations with the Formula 1 management to secure the future of the Belgian Grand Prix beyond 2025, Economic Affairs Minister Pierre-Yves Jeholet disclosed on Tuesday.
The contract linking F1, event organiser Spa GP, and the Walloon region is due to expire in 2025, leaving the future of the race uncertain. The three parties are currently engaged in negotiations with a view to making sure that the Grand Prix continues to be held at the Spa-Francorchamps Circuit.
“We are making progress,” Minister Jeholet said on Tuesday, “but not at any cost. The negotiations continue.”
Both Spa GP and the Walloon region are keen to secure a permanent place on the calendar for the Belgian Grand Prix, instead of renewing the agreement on an annual or biennial basis, according to the minister.
The Spa-Francorchamps Circuit has a significant impact on the local economy, creating 2,501 jobs and attracting almost a million visitors over the course of the year. It yielded economic and fiscal benefits estimated at €231.2 million last year, according to a study by Liège consultancy Eklo, released on Tuesday.
Two years ago, another study valued the F1 Grand Prix’s economic impact at nearly €42 million for Wallonia and over €55 million for Belgium as a whole.
These figures underline the value of maintaining the Grand Prix, but not at any cost, Jeholet insisted.
The negotiations with the F1 management centre on certain terms, including the price of hosting the F1 at Spa-Francorchamps. Wallonia's government is not willing to pay blindly to keep the race in the region, especially when public funds are involved, the minister warned.
In line with Wallonia's Regional Policy Statement, the new MR-Les Engagés administration aims to hold the organising company accountable for improving its net result since, for years, the region has had to pay off Spa GP's debts.
