A corruption scandal linked to the European Grand Prix in Valencia?
The organizers of the European Grand Prix, held in Valencia, are reportedly at the center of a corruption case involving the city's former government.
Spain recently hoped to organize two F1 Grand Prix, one in Barcelona and one in Valencia, which hosted the European Grand Prix for the last time almost three years ago. However, this is unlikely to happen due to the crisis and a recent investigation launched by the Spanish prosecutor’s office following suspicions of corruption targeting the organizers of the European Grand Prix held in Valencia.
Valencia hosted the race for five years between 2008 and 2012, but it was accompanied by the event in Barcelona. Since then, Barcelona hosts the only Grand Prix held in Spain. Following elections that led to a change of governance in Valencia, the new local government sought to break the long-term contract that binds the city with Formula One Management, as the event costs 40 million euros per year, which poses a problem for the city’s finances.
The Spanish newspaper Diario Sport explained the situation as follows: « The president of Valencia, Alberto Fabra, is determined to correct the absurdity of a Grand Prix he inherited from his predecessor Francisco Camps, which is costing a fortune to the public treasury. In this context, it would be very difficult to explain to the taxpayers of the region that even more money is being allocated for F1. »
While rumors suggested that the FOM was seeking a settlement of 33 million euros to definitively cancel the Valencia GP, other issues are now emerging, according to the Associated Press agency, an investigation has reportedly been opened following allegations of corruption and embezzlement.
Francisco Camps, the former regional president, a tourism official Dolores Johnson, and Jorge Martinez, a shareholder of the company Valmor Sports, which was awarded the management rights of F1 for Francisco Camps, are said to be at the heart of this case due to issues of irregularities. Francisco Camps is also cited as suspected of embezzlement of public funds and corruption.
Valencia has not been a stop on the Formula 1 World Championship since 2013. The event was supposed to be replaced by a Grand Prix in New Jersey; however, the Grand Prix never materialized across the Atlantic. Bernie Ecclestone tried to get it back on track for 2015, but so far it hasn’t worked: « The Americans want other races, but I’m not too sure that will happen. »
