» New contract extension for Belgian GP

The Belgian Grand Prix will remain on the Formula 1 World Championship calendar until at least 2021, with local government officials signing a new three-year agreement with the sport’s owners Liberty Media.

With the existing agreement set to expire at the end of the current season, a new three-year contract extension was inked with the event to be co-funded by Spa-Francorchamps’ regional Wallonian government.

Despite increased visitor numbers to the Grand Prix thanks to an influx of Dutch fans to cheer for Max Verstappen, the event continues to run at a loss which is offset by the local economic benefits brought in by the visiting tourists. The 2017 event ran at a €20.5 million loss, an increase of 21% from the previous year.

This year’s Grand Prix has sold over 200,000 tickets, with 75,000 confirmed for Sunday’s race.

“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,” Wallonia’s vice president and economy minister Pierre-Yves Jeholet told Belgian business newpaper L’Echo.

Image via McLaren