The government of Valencia has confirmed that they are looking to renegotiate their contract with F1 supremo Bernie Ecclestone.
The Spanish port city has hosted the European Grand Prix since 2008 and their current deal, which is reportedly worth €20.5 million per race, runs until 2014.
However, Vice-President of the Generalitat Valenciana Jose Ciscar says they are looking to reduce costs and plan to write to Ecclestone.
Although he concedes that the major sporting events provide "significant value" to Valencia, Ciscar revealed that they are "under full and absolute review" as "they are not viable as they have been until now".
He admitted to El Pais that it would be difficult to cancel the contract as the financial penalty is likely to be higher.
He added: "I have not had time to read the contract and do not know the impact it would have [if the deal is cancelled]."
