Valencia threat to end grand prix

The future of the European Grand Prix in Valencia is in doubt after the city's council indicated that it wants to renegotiate its race fee.

Jose Ciscar, vice-president of the Generalitat Valenciana, said he was embarking on a "complete and thorough review" of the major events budget. Valencia has a contract to host the race on a street circuit on the city's waterfront until 2014.

Ciscar does not rule out cancelling the race: "We do not discount anything." He also said he would be contacting Formula One executive Bernie Ecclestone to discuss the city's wishes. The move makes Valencia, which is reputed to pay in the region of £20.6m a year to host the Grand Prix, the second race to ask Ecclestone to reduce F1's fees.