Walloon government covers Spa-Francorchamps losses

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It's been an ongoing issue, but the ongoing losses for the organisation of the Belgian Grand Prix have again required the Walloon government to step in to prevent bankruptcy.

Belgian newspaper L'Echo reports that the losses of Spa Grand Prix, the organizer of the F1 race in Spa will be covered. The company recorded a loss of 6 million euro in 2011 and a further 7.86 million in 2012.

The Walloon government is the only shareholder in the company as said it was already well aware of the financial situation of the company. A sum of 8 million euro will be made available immediately. At a further extraordinary meeting, the social capital will be reduced with 7.86 million so that the losses can be depreciated.

Results for 2013 are not yet available, but despite a 15% increase in ticket sales (up to nearly 60,000) it is likely that Spa Grand Prix will record further losses this year.