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The reality is that motorsport isn't popular in the general population. The F1 race in Melbourne is constantly facing opposition from locals about disruption and politicians about cost. I personally don't care where the races are as long as it is good racing on great tracks.
Has anyone seen recent pics of Valencia? It has been vandalised and looted. I doubt that there is enough political will in Spain to spend millions on tracks when the economy is so bad and unemployment is at record levels.