Spa-Francorchamps signs 3-year extension for Belgian GP

Spa-Francorchamps has signed a three-year extension to its current deal to host the Belgian Grand Prix.

The current agreement had been due to expire after this year's race in August.

The future of the event had been in doubt because of the operating loss it makes as a result of the high hosting fees it pays to Formula 1's commercial rights holders.

Similar problems have already seen Silverstone exercise a break clause in its own contract with Liberty, putting the British Grand Prix in doubt after 2019.

However Belgian business newspaper L'Echo says that in the case of Spa, the local Wallonian government government has stepped in to cover the gap between costs and revenue.

It means that a new three-year deal has been signed this week, extending Spa's stay on the calendar until at least 2021.

"It's a good deal," insisted Pierre-Yves Jeholet, Wallonia's vice president and economy minister.

He explained that the shortfall was more than made up by the money brought into the region by fans attending the event every year.

"The proceeds for the Wallonian economy were 20.5 million Euros in 2017, an increase of 21 percent from 2016.

"[It] ensures that the region of Wallonia retains an event which contributes to the promotion the region on the world stage," he added.

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Although Spa is officially Stoffel Vandoorne's home race, it's the huge popularity of Max Verstappen from the neighbouring Netherlands that has seen attendance soar at recent events.

L'Echo reports that 200,000 tickets have already been sold for this year's event, of which 75,000 are for race day .

The news of Spa's contract extension will be greeted enthusiastically by other fans, and also by drivers and teams.

The circuit held its first Grand Prix in 1925, and was part of the first FIA world championship in 1950. Originally nine miles in length, twisting through the Ardennes forest, the circuit was heavily revised after 1978 for safety reasons.

At 7.004km (4.352 miles), the current 19-turn configuration remains the longest track on the F1 calendar and still incorporates legendary corners such as La Source, Eau Rouge, Les Combes, Pouhon, Stavelot and Blanchimont.

For many fans, F1 without Spa-Francorchamps is almost as inconceivable as a season without the Monaco Grand Prix. Thanks to the latest deal, they won't have to even try to imagine it for at least another three years.

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