The Spanish Grand Prix is to have its local funding cut by half in 2016, it has been reported.

Barcelona's city council plans to cut its contribution towards the event from 4 million Euros to 2 million this year, as its moves to phase out its support entirely.

Barcelona's first deputy mayor, Gerardo Pisarello told local media - including El Confidencial and Diario Sport - that Formula 1 is "not a priority", but that the funding had not been "abruptly" cut as this could have "serious consequences". Instead it will be phased out giving promoters time to come up with a "viability plan" so that it can become "self-sufficient, little by little."

The event currently has a deal in place with FOM boss Bernie Ecclestone until 2019, having inked a new contract last spring. This year's Spanish Grand Prix is scheduled to take place on May 15, the fifth round on the F1 2016 calendar.



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