After Monaco’s street circuit, and talks about New Delhi’s street circuit, its Valencia which is in the news. But its no rumour mind you. Valencia will host a race on a harbourside street circuit starting from 2008 if the current ruling party does not lose the forthcoming elections.

Till now Valencia only had a mildly successful football team
The race will be aptly called the ‘European Grand Prix’. This means that Spain now has two formula one races. Its expected that the Germans wont be happy at the decision, as Bernie had earlier said that a country should not be hosting more than 1 formula one race in a season. Germany lost one of its races (supposedly) on this pretext.
Valencia is expected to pay a whooping 25 million Euros to Bernie Ecclestone for the race. A new wave of Formula One has swept all through Spain .Part of the credit goes to double world champion Fernando Alonso. It may be noted that the Barcelona F1 race is now sold out for two years in a row.