FRANCORCHAMPS CONTRACT

[BIZ: Francorchamps, October 12]
In the coming year and through to 2010 at the latest, there will be Formula-1 races at the Francorchamps circuit and a Belgian Grand Prix again. An agreement has been signed for the purpose between the Walloon Minister for the Economy, Mr Marcourt in London, and Formula-1’s Bernie Ecclestone. The cost for the Walloon region will be around EUR 40m, which will include the upgrading operation.

Pursuant to the agreement, the season will start on September 16, 2007 and be organized by the Gesellschaft Spa-Grand-Prix company, which will take over the business that went broke last year. If the Walloon region were not to run the Grand Prix after 2007, there would be a penalty payment of EUR 18m be due to Mr Ecclestone.
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