Valencia done deal
1 June 2007 – Following the announcement on 10 May that Valencia would hold a Grand Prix next year, Bernie Ecclestone confirmed on Friday that the deal was signed this morning. The race will be called the European Grand Prix and is expected to be held later in the season around the harbour area of the Spanish city.
The deal has been made with Valmor Sport group, which is led by former motorcycle rider Jorge Martinez Aspar and Villareal football club's president Fernando Roig, and means that for the next seven years at least there will be two Spanish Grands Prix after Catalunya was confirmed until 2016.
The F1 supremo told Reuters: "The agreement was signed this morning along exactly the same lines as we announced last month. The agreement is for seven years."
Controversy surrounded the original announcement after it was alleged that Ecclestone had only said the deal would go ahead if presidential candidate Francisco Camps won the regional elections. Camps won the elections last month but Ecclestone denied the allegation.
He revealed: "I said I wouldn't formalise a contract until after the elections because I didn't know who I would be signing it with."