JUNE 18, 2019
Spa promoter wants to renegotiate F1 contract
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.