Spa promoter wants to renegotiate F1 contract

Tue, 18 June 2019, 08:35

Jun.18 (GMM) Organisers of the Belgian grand prix at Spa Francorchamps say they want to renegotiate their contract with Formula 1.

Last year, race promoter Spa Grand Prix signed a new contract with Liberty Media for three more years until 2021.

“It is a good agreement that ensures an event that promotes the Wallonia region on a global scale,” said Walloon economy minister Pierre-Yves Jeholet last year.

But L’Echo newspaper claims Liberty Media’s signing of a race deal at nearby Zandvoort changes things.

The report said Spa Grand Prix, paying over EUR 20 million per race, recorded a EUR 7.5 million loss last year.

L’Echo said the contract signed by Spa Grand Prix last year included a clause that allows for a renegotiation if Liberty inks a deal for a Dutch GP.

“If we do not renegotiate the contract now, the deficit will only increase by millions of euros,” a source at the Spa promoter said.

The newspaper said Spa Grand Prix president Melchior Wathelet wrote to Liberty Media a few days ago to remind Chase Carey of the Dutch GP clause.

“We must re-open discussions on the financial conditions because it necessarily prejudices us,” the source added.

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