Aug.3 (GMM) All is not yet lost for Valencia's grand prix.

Recent reports suggested Bernie Ecclestone had said in Hungary last weekend that the European grand prix, held on the streets of the Spanish port city since 2008, would be replaced in 2013 by New Jersey.

Some suggested that, given the Spanish economic crisis and Valencia's declining race audience figures, it was definitely the death knell for the city event.

But an interview with Der Tagesspiegel newspaper has clarified that Valencia could be back in 2014.

"Valencia will not be there (in 2013) because they're alternating (now) with Barcelona," F1 chief executive Ecclestone said.

And an official for Valencia's ruling political party has said negotiations are currently taking place to ensure the race's continuation into the future.

"Formula one is very important not only from an image point of view but also due to the economic impact, the creation of jobs and what that means for the Valencia region," the official, secretary general Serafin Castellano, is quoted by Reuters.

He said the current talks with Ecclestone are to "reduce the cost of the formula one levy".

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