The organisers of the European Grand Prix in Valencia are negotiating with Bernie Ecclestone over the future of the race.

10715 - Valencia negotiating with Ecclestone

Valencia's government recently admitted that the race was one of a number of major events under review due to the economic crisis in Spain. With the Spanish Grand Prix also under threat, Ecclestone said that Barcelona wanted to explore the opportunity of alternating races with Valencia in future. Alberto Fabra, president of the Valencia Generalitat has now confirmed that he wants the race to continue but that the contract needs to be revised.

"We want to continue with the grand prix of Europe," Fabra said. "But with different conditions."

Fabra said that the aim of the negotiations with Ecclestone was to seek "lower costs ... [to] find the right balance". Jose Ciscar, the vice-president of the Valencian government, has previously said that cancelling the contract was an unrealistic option due to the penalty costs that could be incurred.