Organisers of the European Grand Prix in Valencia are attempting to lower running costs of the race by negotiating with FOM head Bernie Ecclestone. As reports continues to circulate that the Valencia and Barcelona F1 events could alternate in future years, Valencia’s regional community is being pressurised by Spain’s government to make significant budget cuts.
Valencia debuted on the F1 calendar in 2008 and in November 2009 the city signed a fresh contract with Ecclestone which stretches out for another decade. It is believed the local community pays approximately 20 million euros (£16.7m) for its race, but that some 55 million euros (£46m) are generated in revenue.
“We are looking at various options to avoid these significant costs,” Alberto Fabra, President of the Valencian Community, said on Spanish radio. “But, of course, at the same time the race must remain an attraction so people actually want to visit it – so we just need to find that balance amid the current climate we have.”
Valencia winners to date are Felipe Massa, Rubens Barrichello and Sebastian Vettel.
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