The European Grand Prix at Valencia could drop off the F1 schedule in the future, after the local government confirmed it wants to renegotiate its agreement with F1 boss, Bernie Ecclestone.

Jose Cisco, vice-president of the Generalitat Valenciana, said somewhat paradoxically on Thursday that while the street circuit race is not under threat, 'nothing can be ruled out'.

"The big events are under full and absolute review," he explained. "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."

Valencia hosted its first F1 race back in 2008. The current five-year contract, which was signed in 2009, runs until the end of 2014. This year's event will take place there on June 24.