The organisers of the Belgian Grand Prix at Spa could seek a reduction of their franchise fee with Formula 1 as a result of the arrival on the 2020 calendar of the Dutch Grand Prix at Zandvoort.
According to Belgian financial paper L’Echo, the prospect of a round of the F1 world championship taking place in the Netherlands, although scheduled in May, is a source of concern for Spa’s promoters who have relied heavily these past years on Max Verstappen’s many Dutch supporters to populate the Belgian track’s grandstands on race weekend.
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Spa GP, which handles the Belgian event’s organization, renewed its agreement with The Formula One Group last year for the 2019-21 three-year period, settling on a franchise fee of approximately 20 million euros a year.
Ticket sales alone don’t allow to cover the race’s expenses, with the event – which lost 7.5 million euros last year – highly dependent on the subsidies provided by the local Walloon region.
However, according to an independent study, economic activity in the area derived from the Belgian Grand Prix – estimated at 18.4 million euros – more than makes up for the race’s financial shortfall.
Nevertheless, a specific clause included in Spa’s renewed agreement with F1 takes into account a potential return of the Dutch GP on the calendar and allows the Belgian promoters to seek a reduction of their annual race fee.
Spa’s organisers have also hired global professional services advisor Ernst & Young to evaluate the potential financial shortfall associated with the presence on the schedule of the Dutch Grand Prix.
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