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Valencia street race for 2008 10 May 2007

Bernie Ecclestone (GBR) announces a seven-year deal for Valencia to host the European Grand Prix, with President of the Valencian government Francisco Camps (ESP) and Mayor of Valencia Rita Barbera (ESP) Valencia, Spain, 10 May 2007. © Valencia GP

The Spanish city of Valencia is set to host a round of the FIA Formula One World Championship next year. The race, to be known as the European Grand Prix, will be held on a newly-constructed harbour-side street circuit.

A seven-year agreement was announced on Thursday in a press conference attended by Formula One Management CEO Bernie Ecclestone, Valencian government's President Francisco Camps and Valencia's mayor Rita Barbera. The deal is conditional on Camps winning local elections next month.

The news means Spain is due to become home to two rounds of the world championship for the foreseeable future. Barcelona’s Circuit de Catalunya stages the 2007 Spanish Grand Prix this weekend.

Valencia’s Mediterranean backdrop will provide a spectacular setting for the new track. The city, currently hosting the America’s Cup sailing event, is no stranger to Formula One racing. The nearby Ricardo Tormo track is a regular testing venue and Valencia has been the location for numerous car launches.