Valencia is unlikely to return to the F1 calendar unless Barcelona and Bernie Ecclestone agree to annually alternate the Spanish grand prix starting next year.
That is the claim of Mundo Deportivo newspaper, following reports Valencia president Alberto Fabra met with F1’s chief executive during last weekend’s European grand prix.
The Spanish port city has been hit hard by Europe’s economic crisis, and a race alternation is now the only option.
"We do not contemplate anything other than the alternating scheme," Valencia race chief Gonzalo Gobert said.
Valencia’s sports minister Lola Johnson confirmed the talks with Ecclestone and warned that "if they do not sign the alternation, the grand prix is not guaranteed".