The French GP’s colossal 27 million euro debt postpones its dissolution
It was due to be dissolved on December 31, but the date has now been postponed. The Groupement d'Intérêt Public, which managed the French Grand Prix, is 27 million euros in debt, which explains the postponement.
It is officially this week that the French Grand Prix, which has been organized since 2018, officially ends. However, the Public Interest Group (GIP), which was managing the race, was supposed to be dissolved on December 14th, but it ultimately isn’t.
While everything was going smoothly, discussions about the GIP’s accounts have pushed everything back. There is a bill of 27 million euros to be shared, explained Renaud Muselier, the President of the Provence-Alpes-Côte d’Azur region and one of the contributors to the GIP.
These 27 million consist of a 16 million euro « passive, which the structure must repay to its suppliers, and an advance of 11 million euros from the Region, another source – a member of the GIP – indicated.
Each of the contributors to the GIP (the Region, the Toulon-Provence-Méditerranée and Nice Côte d’Azur metropolitan areas, the Var department, the chambers of commerce and industry of Var and the region, the Castellet circuit, and the Sud Sainte-Baume agglomeration community) will have to dip into their wallets to pay off this debt.
Meanwhile, Christian Estrosi, the mayor of Nice, has requested the postponement of the dissolution. He is waiting for new documents and the repayment of the debt before a new board of directors is organized, which will ultimately liquidate the GIP.
