Valencia and Barcelona reconsidering F1 deals
January 9, 2012
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Both the Circuit de Catalunya and the Valencia street circuit are seeking to reconsider their Formula 1 contracts, after doubts about both venues emerged in recent days.
The Valencia circuit has applied to Bernie Ecclestone to renegotiate their 5-year contract, signed in 2009. The Valencian government is said to have reviewed their hosting of large events, and are rumoured to be pushing for cost cuts.
Jose Ciscar, vice-president of the Generalitat Valenciana, has refused to rule out the possibility that the event is under threat:
"The big events are under full and absolute review. They are not viable as they
have been until now. The big events have had an important value up until now but
the circumstances force us to prioritise.
With contracts signed, we can't be imprudent because the penalty could cost us
more. We have to find balanced solutions."
Meanwhile, the Catalunyan government has stated that they may reconsider the hosting of F1 and MotoGP events, due to the economic downturn, according to Andreu Mas-Colell:
"We could reconsider the hosting of Formula 1 or motorcycle grands prix. It is
not clear to us that we can afford them in the current situation.
It is not the first thing we will reconsider, but in times like these we must
look very closely at where we spend the money."
The Circuit de Catalunya currently holds a contract to host Formula 1 until 2016.