Spanish regional public-service broadcaster Canal 9 could drop live coverage of Valencia’s Formula One European grand prix to save money, said José Ciscar, the vice-president of the Generalitat de Valencia regional authority in Spain. Canal 9 is based in the Valencian Community, the region which hosts the race.
Canal 9 pays €4.4 million ($5.7 million) per year for the rights in a four-year deal, from 2010 to 2013.
The regional authority is also considering rotating the grand prix with another venue as a cost-cutting measure.
“While Formula One is very important in terms of promoting the image [of Valencia], in the current economic situation we all have to rethink things,” Ciscar said. “Everything is on the table right now, everything is revisable, everything is negotiable and everything that can deliver cost savings for the Government [is under consideration].”