And now to some good news…
El Periodico newspaper reports that the Valencian regional President Fancisco Camps has arrived at the conclusion that the port city can no longer afford the annual fee and organisation costs of hosting the event.
The report claims that the organisers are spending some €30 million per year on the race – including an €18 million fee to Bernie Ecclestone’s Formula One Management group.
Only €10 million is earned back in ticket sales, and attendance has plummeted by over 25% in the three years the venue has played host to Formula 1, with an attendance of just 75,000 on race day in 2010 in comparison to a 112,000 figure in 2008.
Since its inaugural race, the Hermann Tilke designed circuit has attracted mass criticism for providing utterly dull racing.
The report also claims that, at this year’s event, Camps asked Ecclestone if Valencia’s contract – which has two years to run – could be broken, to which the F1 supremo “flatly refused”.
Ecclestone reportedly told Camps that an alternative promoter and venue would have to be found first, and the report claims that negotiations to move the event to Spain’s Alcaniz circuit or Portugal’s Autódromo Internacional do Algarve circuit in Portimão have already taken place.
No doubt there will be more news to follow on this one…
[Original image via AUTOSPORT]