MADRID, July 30 (Reuters) - Valencia regional president
Alberto Fabra will continue talks with Formula One supremo
Bernie Ecclestone to try to find a way to cut the cost of
staging the European Grand Prix, a local official said on
Monday.
Fabra was "in a process of negotiation to reduce the cost of
the Formula One levy", Serafin Castellano, secretary general of
the region's ruling party, was quoted as saying in local media.
"(Formula One) is very important not only from an image
point of view but also due to the economic impact, the creation
of jobs and what that means for the Valencia region," Castellano
added.
Spain, home of Ferrari's Fernando Alonso, is the only
country with two races a year, the Spanish Grand Prix in
Barcelona and the Valencia event.
The two cities will begin alternating from next year, with
the Catalan capital hosting a race in 2013 and Valencia in 2014.
Valencia is trying to reduce the cost of staging its race as
cash-strapped local administrations are under pressure to make
budget cuts as part of a central government austerity drive.
The region was the first to seek financial assistance from
Madrid and used several state loans to repay its debts during
the first half of 2012.
(Reporting by Iain Rogers, editing by Ed Osmond)