The future of the European Grand Prix in Valencia appears to be in doubt after a government official said that large events are under "full and absolute review".

10718 - Doubts over Valencia future

Jose Ciscar, vice-president of the Valencia government, has pointed to the economic crisis in Europe as the cause of the review and even though he admits that the grand prix has a "significant value" to the cite he confirmed that he will contact Bernie Ecclestone to attempt to "renegotiate" the price of the race hosting fee.

"The big events are under full and absolute review,'' Ciscar said. ''They are not viable as they have been until now. The big events have had an important value up until now but the circumstances force us to prioritise."

Ciscar does admit, however, that cancelling the race altogether may not be a feasible option due to the penalty costs the city would incur.

"With contracts signed, we can't be imprudent because the penalty could cost us more. We have to find balanced solutions ... There are contracts that are signed and we have become accustomed to fulfilling what we agreed. But at the same time everything is subject to revision and we don't rule anything out."