F-1 loses Valencia €1.8 million

VALENCIA succeeded in lowering its outlay on staging the Formula 1 European Grand Prix, the regional parliament learnt last week.The percentage of savings was “ample” according to Lola Johnson, head of the regional government’s Tourism department.

Johnson had provided a written reply to socialist MP Eva Martinez who requested a breakdown of “each and every expense as well as payments made and payments due” for the event. The MP also wanted to know how many tickets were sold, and for how much. The final report is not yet finished, so she was unable to offer an itemised account, Johnson explained.

The cost of organising this year’s Valencian Grand Prix, plus building stands and the circuit – 5.4 kilometres long and 14 metres wide with 25 bends – was almost €7 million. Earnings from the event, which was staged between June 22 and 24 and attended by 105,419 people, brought in a total of €5.2 million, Johnson said.