With all the financial problems in Spain, Valencia wants to renegotiate its deal to run the Formula 1 race – the European Grand Prix – which is one of two races run in Spain. Valencia pays tens of millions of dollars to stage the race, and the local government wants to play less on that and look at other big events too.
“The big events are under full and absolute review. They are not viable as they have been until now,” Jose Ciscar, vice-president of the Generalitat Valenciana, said. “The big events have had an important value up until now but the circumstances force us to prioritize.”
The Valencia circuit was supposed to be like another Monaco, but in the end it has never proven to be a favorite track to the drivers, it is not the most challenging, and the races have not been the most exciting.