Valencia, former home to the European Grand Prix, could return to the Formula 1 calendar in the future if a Singapore based development consortium gets its way.
The venue, which originally joined the calendar in 2008, was dropped in 2012 due to financial concerns and even led to a fraud investigation against the organisers for misusing public funds.
However Singapore’s ARC Resorts has put forward a plan to construct “the best urban resort in Europe” in the Spanish port city, which includes a plan to revive the circuit which now stands in a poor state.
The developers plans include a six-star hotel, numerous other hotels, casinos, shopping complexes, arts centre and yacht club.
ARC Resorts have also set aside $600 million (£400m) to revive the grand prix circuit to host not just F1, but Formula E too. The races would be used to promote the area and resort.
Company owner Mark Vlassopulos has links to F1 through his father, Tony Vlassopulos, who ran the Token F1 team in the 1970’s.
Formula One Management (FOM) is keen to see new European events on the calendar as it is contractually obliged to run half of the races in Europe and America. With the loss of Germany, that has dropped to nine in 19.
With the addition of Azerbaijan next year, which is to be ran under the European GP moniker, that will take it back up to 10 in 20, but other European races are under threat, including Italy and Belgium.
If Valencia were to return, it could be ran under the Mediterranean GP title, which was recently trademarked by FOM.