Local authorities in the country are under pressure to save money as part of a government austerity drive.
<?xml:namespace prefix =” st1″ ns =” “urn:schemas-microsoft-com:office:smarttags”” />Valencia’s local government suggested in January that it wished to renegotiate a race fee of around 25 million Euros (£20.6m) a year.
The 2012 calendar contains 20 races, with the Spanish Grand Prix in Barcelona on 13 May and the European Grand Prix in Valencia on 24 June. <?xml:namespace prefix =” o” ns =” “urn:schemas-microsoft-com:office:office”” />
It is unclear whether another race would be introduced to replace the one that drops off the calendar, although Ecclestone has previously said he would ideally like to extend the calendar to 25 races.
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