A difficult 2024 for Spa-Francorchamps: organizers reveal financial statement with losses of several million euros
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The organizers of the Spa Grand Prix have revealed that the 2024 event recorded budget losses of several million euros. This confirms a worrying trend for the Spa-Francorchamps circuit, which had already reported a loss of 2.3 million euros in 2023. The increasing economic pressure led the event's president, Melchior Wathelet, to shed light on the situation during the Brussels Motor Show.
The 2024 losses, estimated between 3 and 3.5 million euros, were attributed to significant investments and promotional campaigns. However, sources close to the event suggest that, including public subsidies, the figure could reach up to 8 million euros. This worsening situation was first reported by the Brussels Times.
Despite the financial difficulties, the Belgian Grand Prix has been confirmed on the calendar until 2031, with the intention to alternate the event every two years starting in 2028. This approach aims to maintain key European stops while reducing the number of less profitable events.
Challenges and Future Opportunities for Spa
The Belgian Grand Prix is known for having one of the lowest entry fees among Formula 1 events, which puts it at a disadvantage compared to new circuits offering more favorable contracts. The increasing competition to host events, with countries like Thailand, Rwanda, and South Africa showing serious interest, is further jeopardizing Spa's position.
To cover the losses, the organizers may increase the average ticket price by 10 euros, generating about 3.8 million euros in additional revenue. Another option is to increase the number of spectators, requiring at least 9,000 more fans to compensate for the lost earnings.
Impact on the Future of the Event
Starting in 2026, the new contract with Formula 1 could include a higher hospitality fee, further complicating the financial sustainability of the Belgian Grand Prix. Currently, the event primarily focuses on Formula 1, with events like the 24 Hours of Spa (SRO) and the 6 Hours (WEC) partially offsetting the losses.
The organizers hope that the alternating schedule can increase interest. They thus aim to sell more tickets at a higher price and ensure the long-term survival of one of the most iconic events in the Formula 1 World Championship.
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