No F1 return for Valencia?

The Valencia street circuit looks unlikely to return to the F1 calendar next season, according to reports in the Spanish media.

Valencia was meant to alternate with Barcelona as the home of the Spanish Grand Prix from 2014, however, that now looks increasing unlikely.

Earlier this year it came to light that the circuit was falling into disrepair and now Dario Sport claims the local government is in discussions with F1 boss Bernie Ecclestone to terminate the contract.

The initial agreement signed in 2007 was for eight years, with the first race - run under the European Grand Prix banner - taking place in 2008.

The 'paper reports that Ecclestone wants 33 million Euros to end the deal early.

"Valencia president Alberto Fabra is determined to correct the nonsense of a Grand Prix that he inherited from his predecessor Francisco Camps and has cost a fortune to the public purse and is in talks with the British tycoon to soften the maximum penalty for liquidating the agreement. So there will be no alternation with Barcelona..." reads the report.

The decision has been taken due to the economic crisis, and with the event costing around 40 million Euros to put on each year, it is has been deemed unfeasible, especially as the local government has had to bring in new taxes to ensure it meets 'obligations without having to close schools and hospitals'.

"In this context," adds the report, "it would be very difficult to explain to the taxpayers of the region that more money is being allocated for F1."