21/10/2005
NEWS STORY
The future of the Belgian Grand Prix is in jeopardy following the news that the promoter has run into financial problems.
It's understood that the Walloon government lent $18m to the promoter to meet the financial demands of Bernie Ecclestone's Formula One Management for the 2005, but is loathe to invest further money unless a new promoter is found.
One alternative being considered is to approach the Grand Duchy of Luxembourg in an attempt to secure further funding.
"We hope we can keep it going," a tourism ministry official told Reuters. "We are talking wth the Grand Duchy of Luxembourg, but there could be other partners involved."
The Walloon government, which is a major shareholder in the track, will meet on November 8 to make a final decision.
It's unclear whether part of the deal would be to rename the Spa event the Luxembourg Grand Prix.
Belgium, one of the most popular races, and venues, on the calendar, was dropped from the F1 schedule in 2003 following the government's stance on tobacco advertising.