In a situation that has parallels with the Korean Grand Prix, the organisers of the European Grand Prix in Valencia appear to be trying to change the terms of their contract or scrap the race.
Here’s a (Google) translation of an article from El Pais:
After listing the battery of measures and cuts the Consell vice president, José Ciscar, referred to large events, in which the Valencian Government has meant in the past years. Cisco has claimed that due to the exceptional situation of crisis puts the Consell major events under review, but has defended its beneficial effects for the economy of Valencia.
“It is not possible in the way that we understand so far,” he said. In that sense, suggested that the Consell has sent a letter to Bernie Ecclestone, President and CEO of Formula One Management, with whom the Government has signed a contract for the Grand Prix in Valencia, to address a possible revision. Ciscar admitted that the Government is in a position of weakness because it can not cancel this contract unilaterally, because then it would cause more economic problems you have.
“I still have not read my contract and do not know the impact it would cancel next year’s Grand Prix,” he added. The annual fee paid by the Government to Ecclestone’s Formula 1 Valencia 21 million euros. Also, Channel 9 pays four million euros a year for the broadcasting rights. The construction cost of the street circuit around the 100 million euros.
If anyone who can speak Spanish can offer a better translation it’d be useful!