The iconic Spa-Francorchamps circuit, host of the Belgian Grand Prix, is facing financial challenges as it seeks to extend its Formula 1 race deal beyond 2025. Last year, Spa Grand Prix, the event’s promoter, secured only a one-year extension, primarily due to financial constraints.
In an era where Liberty Media favors long-term contracts, the short duration of Spa’s deal stands out. This financial strain is similar to the situation faced by the Barcelona circuit, which recently lost the ‘Spanish Grand Prix’ title to Madrid. As per Marca sports newspaper, Barcelona, which currently pays EUR 26m per race, is now aiming for the ‘European GP’ title but at a higher cost.
Madrid’s new deal, amounting to more than double Barcelona’s fee annually for a decade, sets a precedent for other circuits, including Spa. Belgian newspaper La Libre reports that Spa Grand Prix needs to significantly increase its offer to secure a new contract beyond 2025, as it currently pays a similar amount to Barcelona for hosting the race.
Belga news agency further details the financial challenges, noting that the cost of organizing the Grand Prix at Spa-Francorchamps is on the rise. “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,” the report states.
Balancing the budget is a daunting task for Spa Grand Prix, wholly owned by the Walloon government. The region has struggled to reduce the deficit, with economy minister Willy Borsus citing a 3.2m euro deficit in 2023, compared to higher figures in previous years.
