Valencia wants to pay less for its Grand Prix

Spain has been particularly affected by the crisis, and the organizers of the European Grand Prix hope to convince Bernie Ecclestone to renegotiate their contract with the FOM to reduce the costs of hosting F1. According to El Pais, each Grand Prix held in the Valencia port would cost them 21 million euros, a sum they can no longer afford to pay in these times of austerity.

“The major events are no longer possible in the way we have done them until now,” said José Ciscar, the vice president of the Valencian government, as quoted by Marca.

José Ciscar remains aware of the importance of such an event for the Valencia region because it contributes significantly to the community both economically and in terms of promoting the region. However, given the price paid to the FOM and the lack of money, the organization of major events, such as an F1 Grand Prix, must be “prioritized.”

For the moment, no decision has been made because José Ciscar has not had time to review the different terms of the contract, even though he knows that normally if Valencia unilaterally terminates the contract, it will be required to pay damages and penalties.

The contract for organizing the European Grand Prix in Valencia will expire in 2014, but by then things could change if Bernie Ecclestone agrees to the demands of the Grand Prix officials.

There are contracts that have been signed and we are accustomed to fulfilling what we have agreed to. But at the same time, everything is subject to revision and we do not exclude any possibilities, added José Ciscar.