New Belgian GP contract confirmed by Formula 1

The Formula One Group has confirmed that Spa-Francorchamps' current deal to host the Belgian Grand Prix has been extended by three years.

The legendary Ardennes track, which hosted its first race on its revamped layout in 1983, was in need of an extension as its current deal was set to expire after this year's race.

"We are really pleased to have reached this agreement which means that the Formula 1 Belgian Grand Prix will stay on the calendar for a further three years," said Chloe Targett-Adams', F1's director of promoters.

• Spa-Francorchamps signs 3-year extension for Belgian GP

"Formula 1 was born in Europe and the future of this sport needs to maintain its solid roots, while expanding globally, and Spa- Francorchamps is part of that fantastic history.

"We are particularly pleased that the new agreement is an improvement on the previous one, for Formula 1 and for our partner Spa Grand Prix so that fans attending this race will enjoy a truly unforgettable experience."

Pierre-Yves Jeholet, Belgium's minister for economy of the regional government of Wallonia, underlined the benefits for the local economy generated by the Belgian Grand Prix.

"This is a good deal which makes sure that such an important event stays in our region, thus placing us on a global visibility platform," said Jeholet.

"The regional and national economic benefit is significant: in 2017 we had a return on investment of 315% and ticket sales increased by 7.5%.

"It is also a significant first for us as we have now concluded a successful and rewarding negotiation with Formula 1."

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