The organisers of the European Grand Prix between 2008 and 2012, based in the Spanish region of Valencia, are facing allegations of corruption over their part in the event.
The city’s port had previously been used for the Americas Cup event, but in 2008 it played host to Spain’s second Formula 1 race, known as the European GP.
Things came to an end in 2012 after a failed attempt to rotate the event with Barcelona in an attempt to save money. As a result of the broken contract, F1’s Bernie Ecclestone sought a £25 million (€33m, $40m) payment to terminate the deal and the race was dropped altogether.
Now it seems things could soon become even worse for its organisers. It’s reported that an investigation into alleged corruption and embezzlement of funds by those behind the race has been opened.
Former regional president Francisco Camps, tourism official Dolores Johnson and Jorge Martinez, a shareholder in the Valmor Sports company which was assigned the hosting rights by the then president, are all named in the investigation.
The courts have been asked to investigate why a private company with no motorsport experience and just 12 employees, was tasked with running a national multi-million euro event.
It has also been asked to investigate financial irregularities, specifically naming Camps for misappropriating public funds.
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