Häkkinen entered the event as the World Drivers' Championship leader with 64 points, two points ahead of Michael Schumacher, and his McLaren team led the World Constructors' Championship by one point over Ferrari. The race was the 13th of 17 in the 2000 Formula One World Championship. The event was initially dropped from the Formula One calendar in September 1999 due to Belgian tobacco-advertising laws, but was reinstated after the Belgian government exempted the race. Sole tyre supplier Bridgestone brought soft and medium dry compounds, as well as hard and soft wet-weather compounds, including new intermediate and full wet tyres designed for the track's common rainy conditions.
Prior to the Grand Prix, five teams conducted mid-season testing at the Silverstone Circuit from 15 to 17 August. McLaren test driver Olivier Panis was fastest on all three days. Ferrari tested suspension and tyres at the Fiorano Circuit and Mugello Circuit.
Qualifying was held in clear and sunny weather. Häkkinen clinched his fifth pole position of the season and 26th of his career with a time of 1:50.646. He was joined on the front row by Jarno Trulli for Jordan. Jenson Button qualified third for Williams, his highest qualifying place of the season, despite a power steering issue. Michael Schumacher qualified fourth, nine-tenths of a second behind Häkkinen, after being hampered by traffic and a yellow flag. David Coulthard qualified fifth, reporting problems with grip and slower cars impeding his runs. Ralf Schumacher secured sixth position.
The 30-minute warm-up session was held in wet weather, with heavy rain falling from 5:00 am and a rising mist. Häkkinen set the fastest lap time at 2:03.392. Michael Schumacher was second-fastest, followed by Button. Giancarlo Fisichella spun and struck the tyre barrier at Stavelot corner, landing upside-down. The session was suspended for approximately 20 minutes. Fisichella sustained a bruised left knee and started the race in his team's spare car.
The 44-lap, 306.592 km race began at 14:00 local time. Due to standing water, heavy spray, and poor visibility, the race started behind the safety car after consultation between drivers and FIA race director Charlie Whiting. All cars, except Pedro Diniz's, had wet tyres. The safety car entered the pit lane after one lap. Häkkinen maintained his lead, building a significant advantage over Trulli.
On lap 4, Button attempted to pass Trulli at the Bus Stop chicane but ran wide, allowing Michael Schumacher to take third. Button and Trulli then collided, sending Trulli into a spin and forcing him to retire. As the track dried, Jean Alesi was the first to pit for dry tyres on lap 4, setting quicker lap times. Michael and Ralf Schumacher pitted for dry tyres on lap 6, followed by Häkkinen on lap 7, who retained the lead. Coulthard pitted on lap 8, re-emerging in ninth. On lap 9, Jos Verstappen and Fisichella collided, with Fisichella later retiring due to an electrical problem.
On lap 13, Häkkinen's wheel touched a damp kerb at Stavelot, causing him to spin into the grass. Michael Schumacher took the lead, now six seconds ahead of Häkkinen. Michael Schumacher made his pit stop on lap 21, emerging in third. Häkkinen pitted on lap 27, rejoining behind Michael Schumacher. By lap 34, Michael Schumacher's soft compound tyres began to degrade on the drying track, and he drove off the racing line to cool them, allowing Häkkinen to close the gap. Häkkinen's McLaren had a straight-line speed advantage due to a different downforce configuration.
Häkkinen attempted to pass Michael Schumacher on lap 40 at Les Combes, but Schumacher blocked him, resulting in minor contact. On the following lap, Häkkinen was quicker through Eau Rouge. While lapping BAR driver Ricardo Zonta, Häkkinen steered right onto a damp patch, passing Schumacher for the lead as Schumacher turned left, believing there was insufficient space on the right. Häkkinen maintained the lead to win the race with a time of 1'28:14.494.
After the race, Häkkinen approached Michael Schumacher in parc fermé, advising him not to make such a high-speed manoeuvre again, describing it as "a life and death situation." Häkkinen expressed delight with his victory, calling it "an incredible win." Schumacher acknowledged his car's inability to match Häkkinen's pace. Ron Dennis, McLaren team principal, stated that Häkkinen's overtaking manoeuvre "will go down as one of the greatest in Formula One history." In February 2001, the move was chosen as the MasterCard Priceless Moment of the 2000 F1 season by over 60 Formula One historians.
The use of a safety car to start the race received mixed responses. Coulthard and Ralf Schumacher agreed with the decision, citing safety concerns. However, journalist Nigel Roebuck and commentator Martin Brundle felt the track was not wet enough for a safety car start.
Häkkinen's victory extended his lead in the World Drivers' Championship to 74 points, six points ahead of Michael Schumacher (68 points). Coulthard was third with 61 points. In the World Constructors' Championship, McLaren extended their lead to 125 points, eight points ahead of Ferrari (117 points). Williams increased their lead over Benetton to 12 points.
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