Members of the local government in Valencia have requested Bernie Ecclestone to renegotiate their current Formula 1 contract and are awaiting his response. Valencia’s contract to host the European Grand Prix at the Valencia Street Circuit runs until 2014. As Spain is suffering from financial problems, both Valencia and Catalonia are looking to get rid of the high fee they pay to host the European and Spanish Grand Prix races. As breaking the contract will even cost more, both communities are looking for other solutions to reduce their costs.
One solution is for both the Valencia Street Circuit and Circuit de Catalunya to alternate races. Spain is the only country that hosts two Grand Prix races. As Ecclestone has already said earlier that one of the races in Spain has to be cancelled, this option was brought to the table a while ago. Though the authorities in Valencia refused at first, it seemed that they have warmed up to the idea.
Valencia’s regional president Alberto Fabra said: “There is a penalty of two years of fees and then a submission to the English courts for a possible (further) compensation. The only viable option is to renegotiate the contract. Now we are waiting for a response from him and after contact with different organizations and also with Catalonia, he will tell us what the alternatives are.”
Also read: Valencia looking to reduce fair European GP
Also read: Valencia rejects alternating Spanish GP with Barcelona
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