03/01/2006
NEWS STORY
According to reports, the future of the Belgian Grand Prix at Spa Francorchamps is "within days" of being secured.
The future of the race was put in doubt after race organizers filed for bankruptcy, as a consequence of poor ticket sales over the last two years, and the ever increasing financial demands of Formula One Management.
After baling out the race in 2005, the Wallonian regional government refused to invest any further funding. Meanwhile, Bernie Ecclestone, Formula One's commercial rights holder, merely said that a contract is a contract and that the deal with Spa is binding.
In today's edition of La Libre, a source claimed that the issue is close to being settled, following a climb down by the Wallonian regional government, and the intervention of Ecclestone, who has seemingly shortened the current contract from fifteen to three years.
The paper also claims that Wallonia will provide the necessary funding to upgrade the track, and assist in the underwriting of the event.