Jan.6 (GMM) The government of Valencia will ask F1 chief executive to amend the current contract for the port city's street grand prix.

"Major events are no longer possible in the way that we have understood until now," said the government's vice president Jose Ciscar in media reports published by EFE and EP news agencies.

He is referring to Spain and Europe's worsening economic crisis, albeit acknowledging that asking Ecclestone for more favourable terms "could result in a penalty".

When asked if the penalty might cost Valencia more than simply fulfilling the current contract, Ciscar admitted he has not read the fine print.

But during a press conference, he said Valencia is working hard to cut costs amid rising debt and revealed that a "complete and thorough review" of major events will be conducted.

He said part of that review will include a letter to Ecclestone.

Ciscar agreed that the grand prix has "significant value" to Valencia but he said he nonetheless wants to "sit" with the organisers to "renegotiate".

El Pais newspaper said Valencia pays 21 million euros per race to Ecclestone's office.

The current contract runs until 2014.

"There are contracts that are signed and we have become accustomed to fulfilling what we agreed. But at the same time everything is subject to revision and we don't rule anything out," Ciscar insisted.

Latest F1 News - Mobile version

26 Feb: New Ferrari not quickest in field - Domenicali 26 Feb: Red Bull still best in 2013 - Tost 26 Feb: 2014 French grand prix 'possible' - Prost 26 Feb: Danica Patrick 'not interested' in F1 switch 26 Feb: Report - Gilles Simon working on F1 engine for Honda 26 Feb: Gutierrez plays down link to Carlos Slim 26 Feb: Caterham exhaust 'legal' insists van der Garde 26 Feb: McLaren replaces Mercedes-bound Lowe 25 Feb: 'Engine maps' trouble for Red Bull, Lotus - report 25 Feb: Mercedes-bound Lowe to miss 2013 opener - report 25 Feb: Mercedes 'in group of teams' behind Red Bull - Lauda 25 Feb: Gutierrez expects Hulkenberg to beat him early in 2013 25 Feb: New Ferrari 'much better' than 2012 - Massa 25 Feb: Teams 'will adapt' to new tyre situation - Gutierrez 25 Feb: Tight rules make today's F1 cars 'the same' - Forghieri 25 Feb: Williams removes controversial exhaust trick 25 Feb: Contract 'conflicts' cause of Marussia test snub - Razia 25 Feb: Lotus to fight Red Bull for title - Gutierrez 25 Feb: Marussia 'ahead of Caterham' - Chilton 25 Feb: Sutil will not stay in F1 as test driver The latest F1 News - Mobile Version

F1 News  F1 Schedule  F1 Line-up  Constructors' Championship  Drivers' Championship  F1 Tickets  Live F1 Coverage

Full Version: Formula 1 News  Formula 1 Schedule  Formula 1 Line-up  Constructors' Championship  Drivers' Championship  Live F1 Coverage  10 'n' Pole  F1 Regulations  The Forums  Motorsport Shop  F1 Merchandise  F1 Tickets  F1 Diecast  F1 Videos  F1 Games