Valencia takes its destiny into its own hands
The Valencian Community has purchased Valmor Sports, the company responsible for promoting the European Grand Prix in Valencia.
The European Grand Prix will take place on the Valencia street circuit at least until 2015. Its future beyond that is uncertain – primarily because there are two races in Spain but also due to financial issues. Taxpayers do not want to have to cover the Grand Prix’s debts.
But things could change because the Valencia Community has decided to take a stake in Valmor Sport, the company responsible for the Grand Prix. It will therefore be directly in charge of the organization and operation of the Grand Prix starting from 2012.
Dolores Johnson, the spokesperson for the Valencia Community, stated at a press conference that this acquisition could save 6 million euros per year – including 5 million in VAT – and thus allow for a better financial balance to, perhaps, continue organizing an F1 race in the Valencia port beyond 2015.
These savings could also simply help offset the loss of spectators since Valencia’s debut in F1. In 2008, the race hosted 120,000 spectators, but by 2010, this number had significantly decreased, with only 75,000 spectators attending the race at the Valencia port – simultaneously increasing the losses for the organizer and the city of Valencia.
