European Grand Prix venue, Valencia circuit officials expecting that Formula 1 boss Bernie Ecclestone will be unlock to renegotiating their contract to host upcoming races. The local government has previously discussed with the top of Formula One Management regarding the financial problems it faces, having hosted the race since 2008.
Now Valencia is still waiting to hear what Ecclestone has to say about the problem as breaking their contract with the F1 supremo is not see as a viable option.
“There is a penalty of two years of fees and then a submission to the English courts for a possible further compensation,” Valencia’s regional president Alberto Fabra told EP.
“The only viable option is to renegotiate the contract. Now we are waiting for a response from him and, after contact with different organisations and also with Catalonia, he will tell us what the alternatives are.
“I’m waiting for what Ecclestone says, being aware of our economic situation that allows us to continue with the grand prix.”
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