Organisers of the European Grand Prix in Valencia say they are waiting to hear from Bernie Ecclestone to see if a solution can be found to the current issues facing the race.

The team behind the race is seeking to renegotiate its deal with the F1 supremo due to the current economic situation in Spain, with bosses at Catalunya keen to do the same.

One proposal would be for the two venues to alternate hosting of an F1 event, in much the same way as Hockenheim and the Nurburgring share the German GP, and Valencia regional president Alberto Fabra said he was waiting to hear from Ecclestone about what options were in place.

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Breaking the current contract isn't seen as a possible option due to the penalties that would incur.

"There is a penalty of two years of fees and then a submission to the English courts for a possible (further) compensation," he told EP. The only viable option is to renegotiate the contract.

"Now we are waiting for a response from him [Ecclestone] and, after contact with different organisations and also with Catalonia, he will tell us what are the alternatives. I'm waiting for what Ecclestone says, being aware of our economic situation, that allows us to continue with the grand prix."