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Spanish venues await Ecclestone's decision
Wednesday 25th January 2012, 19:06 by Ryan Wood
The Spanish circuits, both Catalunya and Valencia, are awaiting a response from Formula 1's main man, Bernie Ecclestone, after writing to him in a bid to reduce the cost of running their races.
Both venues proposed a reduction in their hosting fee, but such a suggestion was scoffed at by the 81-year-old, leaving the organisers to suggest the idea of rotating the race between Catalunya and Valencia - something it's believed Ecclestone is keen on in order to reduce the number of races to accomodate new venues including New Jersey in 2013 and Russia in 2014.
Regional president Alberto Fabra told EP that he is now awaiting a reponse from Ecclestone to what can be done to reduce costs.
"We are waiting for a response from him [Ecclestone] and, after contact with different organisations and also with Catalonia, he will tell us what are the alternatives.
"I'm waiting for what Ecclestone says, being aware of our economic situation, that allows us to continue with the grand prix."
Fabra insists breaking the contract is unlikely given such a scenario would be more expensive than seeing out the current contract which expires in 2014.
"There is a penalty of two years of fees and then a submission to the English courts for a possible [further] compensation [for FOM]. The only viable option is to renegotiate the contract."