Valencia negotiating cost cuts to host F1

© Ubaid Parkar, 1 August 2012
© AP Photo/Andres Kudacki

Valencia is in the process of negotiations with Formula 1 to reduce costs to sustain its Grand Prix on the calendar.

Spain will alternate its races between the street circuit and Catalunya starting next year, as revealed by F1 boss Bernie Ecclestone in March in what he described as a good solution for both the venues.

"F1 is very important not only from an image point of view but also due to the economic impact, the creation of jobs and what that means for the Valencia region," secretary general of the region’s ruling party Serafin Castellano said.

Spain has been hard hit by Europe's financial crisis. The amount paid by local organizers to host the F1 races has come under scrutiny with national unemployment near 23 percent and the government introducing austerity measures.

Quote from Reuters

 

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