The future of the Belgian Grand Prix has been secured for another season following the signing of another one-year contract extension with F1.

It means the iconic race at the famed Spa-Francorchamps circuit will now remain on the calendar through 2025.

The race has long been in the balance, not least when South Africa was mentioned as a replacement before discussions about a long-overdue return to Africa fell by the wayside.

At present, the promoters are negotiating with F1 CEO Stefano Domenicali year by year, with this latest deal a further reflection on the situation.

Reflecting on the latest agreement, Domenicali said: “Spa is synonymous with Formula 1 having been one of the circuits in our first-ever season and is much-loved by fans and drivers alike, so I am delighted to extend our relationship with them until 2025.

“The promoter has taken big strides in the last few years to improve the fan experience and infrastructure, and work is ongoing between all the stakeholders with a clear focus on delivering safe and exciting racing.”

The circuit has undergone significant development of its infrastructure in recent years, which includes a 10,000-capacity increase through the addition of two new grandstands, as well as offering a wider variety of entertainment for fans across the weekend including the addition of live music concerts.

This year’s Belgian Grand Prix saw an attendance of 380,000 people across the weekend, an increase of 20,000 from the 2022 event.

Willy Borsus, vice-president and minister for the economy of Wallonia, highlighting the economic impact of the race, said: “According to a study carried out in 2021, the grand prix generates positive spin-offs of €41.8 million for our region, after deduction of public funding, which is steadily decreasing.

“These figures constitute a solid indication of the financial impact, and the positive outlook means that we can expect even more positive results this year.

“The Formula 1 grand prix thus embodies both an emblematic moment in motorsport and a powerful engine of economic growth for our region.”