The Belgian Grand Prix is one of the classic Formula 1 races, but it struggles to make any money because of the fees required by the Formula One group and the costs of staging the event. The latest figures reveal that the race promoter, Spa Grand Prix SA, which has been promoting the event since 2006 and has a contract to host the race until 2016, has made significant losses in both 2011 and 2012. The local government pays the debts because it considers the economic impact of the event to be of significant value to the region. The fees paid to Formula One are believed to be in the region of $20 million a year. The loss in 2011 was around $8 million, rising to $10 million in 2012. The results for 2013 have yet to be made public but further losses are expected despite the fact that the race increased its ticket sales by 15 percent in 2013.