The future of the European GP in Valencia could be under threat after the local government confirmed it would seek to renegotiate a cheaper deal with Bernie Ecclestone.
The event, which has been held around the Valencia street circuit since 2008, is costing the government too much money, according to Jose Ciscar, vice-president of the Generalitat Valenciana.
“The big events are under full and absolute review. They are not viable as they have been until now,” he said.
“The big events have had an important value up until now but the circumstances force us to prioritise.”
It’s expected that Ciscar and the government will approach Ecclestone, who usually takes a hard line against contract re-negotations, in an attempt to reduce the hosting fee.
“With contracts signed, we can’t be imprudent because the penalty could cost us more. We have to find balanced solutions,” he added in regards to Valencia’s contract which doesn’t expire until 2014.
Ciscar admitted that “nothing can be ruled out”, but didn’t go as far as to say the event could be axed if savings couldn’t be made.
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