Valencia’s government will seek to amend its current five-year agreement with Bernie Ecclestone for the hosting of the European Grand Prix around the port city’s makeshift street circuit.
Spain’s ever-worsening economic crisis could mean that the event – which costs the city some €21 million per year in Ecclestone’s sanctioning fees alone – may need to be cancelled, or have its costs substantially slashed in order to remain viable.
Jose Ciscar, the vice-president of the Generalitat Valenciana, said yesterday that the government needs to cut costs in order to sustain major events such as the Grand Prix, which has been on the F1 calendar since 2008, largely failing to produce much in the way of memorable racing.
“Major events are no longer possible in the way that we have understood until now,” he is quoted as saying by the local EFE news agency.
He confirmed that the city’s officials would write to Ecclestone to seek a renegotiation of terms, but he was not prepared to rule out that the future of the event – which has a contract until 2014 – was under threat.
“There are contracts that are signed and we have become accustomed to fulfilling what we agreed. But at the same time everything is subject to revision and we don’t rule anything out,” he added.
[Image via Sutton Images]