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Valencia bosses wait for Ecclestone

Organisers in Valencia wait to hear from Bernie Ecclestone in attempt to resolve funding issues
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.

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."



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Richy Rich

January 25, 2012 4:24 PM

It just goes to show how short sighted the circuit was to sign such a stupid deal in the first place. I'd suggest the only way out of this is for ALL the current circuits to get together and demand, say, a 15% reduction in fees or go race elsewhere. As a fan I'd support them (the circuits). There aren't that many places left that could take them. Bernie would have to listen, he can't be the only person in the world who is immune from feeling the pinch of what is going on in the world(!)(oh, apart from bankers....)



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