The European Grand Prix, which is held in Valencia, is in doubt after they indicated that they wanted a reduction in race fees for hosting the event in future years.
The vice-president of the city’s government said that they were reviewing the citys budget for major sporting events.
Valencia currently has a contract to host the event on its street circuit on the waterfront until 2014. The authorities haven’t ruled out cancelling the event altogether.
Valencia pay somewhere in the region of £20 million each year for the privilege of hosting the event. They are the second host to ask for a reduction. Korea is also considering its future in F1 after making their debut in 2010.
2012 F1 schedule
- Australia: 18 March
- Malaysia: 25 March
- China: 15 April
- Bahrain: 22 April
- Spain: 13 May
- Monaco: 27 May
- Canada: 10 June
- Europe: 24 June
- Great Britain: 8 July
- Germany: 22 July
- Hungary: 29 July
- Belgium: 2 September
- Italy: 9 September
- Singapore: 23 September
- Japan: 7 October
- Korea: 14 October
- India: 28 October
- Abu Dhabi: 4 November
- United States: 18 November
- Brazil: 25 November
Doubts over the new US Grand Prix are still in doubt due to the unfinished track in Austin, Texas and also the Bahrain Grand Prix due to continuing unrest in the Gulf.
Valencia is one of two races in Spain which has been running since 2008. The other being the Spanish Grand Prix which is held near Barcelona at the Circuit de Catalunya
Bernie Ecclestone is under pressure to get rid of some existing events as new circuits come onto the F1 calendar in the coming years. F1 teams are reluctant to increase the already hectic schedule by increasing the number of races from the current 20 races per year.
Another US race in New Jersey is lined up for 2013 with Russia set to host a new event at the resort of Sochi in 2014.
It has been reported that the French Grand Prix is due to return to the F1 calendar in 2013 after an absence of 5 years. It would alternate with the Belgian race and be held at the Spa-Francorchamps circuit.
It is expected that the number of European events will reduce from the current 8 to 5 events over the coming years. Valencia itself is one of the least favourite races due to what has been described as a drab circuit that provides very little in form of challenge for the drivers and as a result creates little race action.