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Bernie Ecclestone, Formula One boss, has sealed the deal to hold a Grand Prix on a circuit around the streets of Valencia from 2008. The race will be called the European Grand Prix.

Valencia has signed a seven-year contract, and the race is expected to be held late in the season.

The circuit will be between 4.1-4.3km long and be based around the America's Cup port.

Valencia will pay an estimated euros 26m to stage each race as well as the boom in popularity of F1 in Spain, sparked by the emergence of double world champion Fernando Alonso, are seen as major factors behind the decision.

Created: 2007-06-11 11:35:31 | Updated: 2007-07-09 11:44:55

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