Race at Francorchamps secure until 2018

The Walloon government has given green light to the organiser of Spa Grand Prix to seal a contract extension with Bernie Ecclestone, ready to cover financial losses that may occur.

Jean-Claude Marcourt, minister of economy for the Belgian region Wallonia has said the Formula One Grand Prix at Spa-Francorchamps is secure until 2018.

"There will certainly be a Grand Prix in 2015, 2016, 2017 and 2018, Marcourt said to the Walloon parliament.

"I have given permission to Spa Grand Prix to secure a contract extension for the Grand Prix".

That in itself requires financial support, as last year's 2015 Belgian Grand Prix ended up generating a 7 million euro loss.

"The activity itself is not profitable, but the positive economic effect that it has on the region make this investment worthwile", he said, before noting that the FIA did no require further investment into the circuit's infrastructure.

Belgium has had a history of backing the organisation of the Belgian Grand Prix. It has seen the Grand Prix being hosted at Spa since 1985, interrupted only once in 2003 when the green party pressed on to introduce the tobacco advertising ban before Europe did, resulting in Ecclestone scrapping the event.