New race for Formula 1 next year.
<div class='quotetop'>QUOTE <div class='quotemain'>Valencia will host a Grand Prix from 2008 after agreeing a deal with Formula One supremo Bernie Ecclestone.
The race, to be called the European Grand Prix, is scheduled for late in the season on a newly-designed circuit around the Spanish port's streets.
The seven-year agreement is conditional on the People's Party holding power in local elections to be held this month.
The new deal means Spain will have two Grands Prix next year, with Barcelona staging the other.
Ecclestone has previously said that no European country should have more than one race.
The Valencia circuit will be between 4.1-4.3km (2.5-2.7 miles) long and its harbourside location is bound to draw comparisons with the Monaco Grand Prix.
According to Spanish media, Ecclestone insisted the race must be on a street circuit rather than the nearby Ricardo Tormo track in Cheste which hosts a round of the MotoGP and is also used for F1 testing.
Valencia's willingness to pay an estimated 26m euros (£17.5m) 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.
Barcelona's Circuit de Catalunya, where the Spanish Grand Prix will be held this Sunday, has an agreement to stage a race until 2011.
<div class='quotetop'>QUOTE <div class='quotemain'>Valencia will host a Grand Prix from 2008 after agreeing a deal with Formula One supremo Bernie Ecclestone.
The race, to be called the European Grand Prix, is scheduled for late in the season on a newly-designed circuit around the Spanish port's streets.
The seven-year agreement is conditional on the People's Party holding power in local elections to be held this month.
The new deal means Spain will have two Grands Prix next year, with Barcelona staging the other.
Ecclestone has previously said that no European country should have more than one race.
The Valencia circuit will be between 4.1-4.3km (2.5-2.7 miles) long and its harbourside location is bound to draw comparisons with the Monaco Grand Prix.
According to Spanish media, Ecclestone insisted the race must be on a street circuit rather than the nearby Ricardo Tormo track in Cheste which hosts a round of the MotoGP and is also used for F1 testing.
Valencia's willingness to pay an estimated 26m euros (£17.5m) 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.
Barcelona's Circuit de Catalunya, where the Spanish Grand Prix will be held this Sunday, has an agreement to stage a race until 2011.
