12/10/2006
NEWS STORY
Following official confirmation from officials at Spa Francorchamps, that major redevelopment work at the track will be carried out, Bernie Ecclestone has confirmed that the popular Belgian track will be back on the race calendar next season.
Although the race was on the provisional calendar issued in August, this was subject to race organizers carrying out the redevelopment work demanded by Ecclestone.
A new company, Spa-Grand-Prix, has now been set up to promote the 2007 race, after the previous promoter (DDF1) went bankrupt, which in turn led to the cancellation of this year's race.
However, the deal with Spa-Grand Prix is for one year only, after which time there is a question mark as to who will promote the event from 2008.
Although Spa-Grand Prix could retain the rights, it is also possible that Ecclestone could become the race promoter, in which case he would receive compensation from the regional government.
On the other hand, the regional government could opt to withdraw its funding of the event, which would mean the loss of the Grand Prix from 2008, in addition to having to pay compensation of £10.1m to Ecclestone.