The organisers of the European Grand Prix in Valencia are waiting for a response from Bernie Ecclestone to try and find a solution to save the race.

13157 - Valencia waits on Ecclestone response

With the European economic climate affecting Spain heavily, both Valencia and the organisers of the Spanish Grand Prix in Barcelona are seeking to renegotiate their deals. After speaking with both Ecclestone and Barcelona about one race potentially alternating between both venues, the Valencia regional president Alberto Fabra told EP that he was awaiting a response.

"Now we are waiting for a response from him and, after contact with different organisations and also with Catalonia, he will tell us what are the alternatives," Fabra said. "I'm waiting for what Ecclestone says, being aware of our economic situation, that allows us to continue with the grand prix."

Fabra also said that breaking Valencia's existing race contract is not an option due to the penalty costs that would be incurred.

"There is a penalty of two years of fees and then a submission to the English courts for a possible (further) compensation. The only viable option is to renegotiate the contract."

Ecclestone has previously said that there is no need for two races in Spain but that he was struggling to get the organisers to agree to alternating.

"It is the commercial concerns which must be addressed," Ecclestone told Salzburger Nachrichten. "I am trying to get the races to alternate between Barcelona and Valencia, but the Spaniards don't want to discuss that. We should not have two races there."