A spokeswoman has played down talk that organisers of the European Grand Prix in Valencia are seeking at early exit from their contract with Bernie Ecclestone.

Reports earlier this week had suggested that regional president Francisco Camps had decided that event was costing too much to host each year and said he had spoken to Ecclestone to see if it would be possible to end the deal to host an F1 race ahead of schedule.

Ecclestone turned down that request unless a new venue and promoter could be found to run the race, with Portimao and Motorland Aragon mooted as possible options [See separate story HERE].

However, spokeswoman Paula Sanchez de Leon has now said that the local government 'has not initiated any change' in regards to the F1 event and that the race will 'continue as before'.

"This is not an issue that has been dealt with in the Consell," she was quoted by Europa Press.