Valencia willing to stay as the venue for the European Grand Prix
Near the end of the 2010 season, there were many rumours that the organizers at Valencia did not want to host the European Grand Prix at the venue. The European Grand Prix has been a part of Formula 1 since a very long time and the Valencia Street Circuit
was under contract till the 2012 season.
The Valencia Street Circuit, located in Spain, has been a part of Formula 1 since 2008. According to the 2011 Formula 1 calendar, the European Grand Prix was expected to take place in Valencia but after some reports, it seemed that things were turning out
differently.
However, the official spokesperson of the organizers of the Spanish Circuit denied such speculations and stated that the race will take place in Valencia in 2011. According to a newspaper, the regional president of that area Francisco Camps determined that
the city was facing some financial problems and could not afford the annual fee and organization costs for the race.
According to some reports, he asked Bernie Ecclestone during the Grand Prix in June whether the contract that will be in effect for four more years could be cancelled in anyway. As a result, Bernie flatly refused and therefore, the organizers were left astray.
The Counsel spokesperson Paula Sanchez de Leon cleared this matter and stated that the organizers are not willing to change anything regarding their deal with F1 and the track will hold the European Grand Prix exactly as planned.
The attendance has fallen drastically from 112,000 to 75000 this season and as a result, the organizers earned just €10 million while they have to spend €30 million on the race annually, including an €18 million fee to Ecclestone's group and the cost of
building and de-constructing the street circuit.
Despite the fact that the organizers have a vital chance of losing a lot of money in this event, the race will take place until the next 4 years according to their contract with Formula 1.
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