Reports in the Spanish press have suggested that organisers of the European Grand Prix are seeking to move the event away from the Valencia street circuit.

The venue has hosted the event since 2008 but crowds have dropped from over 110,000 for the inaugural race down to 75,000 this year.

With crowd levels down, event organisers are struggling to meet the costs involved in the race, with revenue from ticket sales covering just a third of the costs each year.

Spanish newspaper El Periodico has now reported that regional president Francisco Camps has asked Bernie Ecclestone if the contract to host the race in the city can be broken early, something which the commercial rights holder refused.

The 'paper also reports that Ecclestone told Camps that an alternative promoter and venue would need to be found to replace Valencia, with the Motorland Aragon circuit in Alcaniz and the Portimao circuit in Portugal having been approached.

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