Valencia wants out of Formula 1

According to Diario Sport, Valencia is looking to cancel its contract early and remove itself from the 2014 season calendar. It seems there is a clause in the contract that would see the host nation pay 33 million Euros should they decide to quit Formula One two years early on a 7-year contract.

Recently some circuits have worked out an arrangement with other races to alternate between them. Nurbugring and Hockenheim are a good example and some thought that Spain might seek to alternate with Barcelona but that isn’t the case according to the article. Apparently Valencia is falling into disrepair and the current leadership feel sour about the entire concept as they inherited the race from the former president.

The cancelation fee is said to be 33 million Euros and the fee to continue is apparently 27 million Euros. At this point Valencia most likely won’t miss Formula 1 and F1 fans will most likely not miss Valencia. The 2014 calendar was heading toward 20+ races with Austria, Russia and New Jersey being added but India, Valencia and even rumors of Korea possibly exiting, the calendar seems more manageable of late.

So long to the Jersey Wall grand prix?

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