Costs of Belgian Grand Prix keep rising

The cost of organising the Spa-Francorchamps Grand Prix is increasing year by year, La Libre Belgique writes on Tuesday. The costs will rise by 5 million euros in two years, from 23.5 million euros last year to 25 million in 2024 and 28 million in 2025.

Liberty Media has controlled the Formula 1 franchise since 2016, when it bought a controlling stake for 4.4 billion dollars. It charges a fee for races to be included in the F1 season, the most prestigious competition in motor racing.

Spa Grand Prix, which is wholly owned by the Walloon government, has to foot the bill. Spa Grand Prix organises the race but has never been able to balance its budget. The Walloon Region covers the losses, and the Belgian government does not finance the event.

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However, the region has done all it can to reduce the deficit. According to Walloon Economy minister Willy Borsus, the deficit in 2023 was 3.2 million euros, compared to 5.6 million euros in 2022 and 7.3 million euros in 2021.

Borsus, like his predecessors, sees the competition as an indispensable draw for Wallonia. A study by Deloitte concluded that the event generates 41.8 million euros for Wallonia and 55.1 million euros for Belgium.

The Belgian Grand Prix is one of the longest-running races in F1 history, with the first edition taking place in 1925. While the 2024 and 2025 editions are guaranteed to take place, there are doubts about its long-term future as part of Formula 1.



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