Spa Grand Prix, the limited company organising the Formula One Grand Prix in Francorchamps, has increased its capital by 5,500 million euros, taking it from 7,920 million to 13,420 million. This increase results from the capitalisation of a claim against its sole shareholder, Wallonia, according to L’Echo.
The capital increase was immediately followed by a capital reduction of 5,790 million euros, bringing the total capital back to 7,450 million, and allowing the clearing of arrears carried over to the amount of 5,970 million, as appear in the Spa Grand Prix balance sheet of December 31st, 2013.
The double operation aims to keep afloat the company in charge of the flagship Ardennes motor sports event.
Spa Grand Prix recorded a combined loss of almost 34 million euros between 2007 and 2012. When added to the 2013 shortfall this adds up to 40 million, absorbed regularly by the region of Wallonia.