The regional government supports the Valencia race
The government of Valencia has agreed to become the co-organizer of the European Grand Prix to ensure the future of the event for the next five years. The president of the Valencia government, Francisco Camps, met this weekend with Formula 1’s chief financial officer, Bernie Ecclestone, to agree on an arrangement that will see the […]
The government of Valencia has agreed to become the co-organizer of the European Grand Prix to ensure the future of the event for the next five years. The president of the Valencia government, Francisco Camps, met this weekend with Formula 1’s chief financial officer, Bernie Ecclestone, to agree on an arrangement that will see the Generalitat Valenciana, one of the autonomous regions of Spain, invest 18 million euros per year for the next five seasons.
The government stated it hoped to find new sponsors for the race to reduce the amount of money invested. The Spanish press noted that the event promoter, Valmor Sports, should have found the money to pay Ecclestone if the government had not intervened.
The boss of Formula One Management (FOM) is also considering moving the date of the European Grand Prix to an earlier date, like June or July, in order to boost ticket sales and thus avoid the holiday period.
