The government of Valencia (Spain) is looking to reduce the fair they pay to Bernie Ecclestone to host the annual European Grand Prix. Valencia has a contract to host the race since 2008 which is worth EUR 20.5 million dollars per race. This contract runs until 2014 and Jose Ciscar (Vice-President of the Generalitat Valenciana) reckons that cancelling the contract would cost even more than just keep paying the fair.
However, he said the race does have ‘significant value’ to Valencia but that they are ‘not viable as they have been until now.’
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