Valencia makes way for F1 race

The city of Valencia has taken what it believes is a big step towards hosting a second Spanish-based Formula One event from 2009 after agreeing to fund earthworks necessary to host the grand prix circus on a street circuit around its waterfront.

According to Spanish newspaper As, the Generalitat Valencian yesterday approved a motion to further revamp the area around the city's harbor – which this year plays host to the prestigious America's Cup yachting competition – in an attempt to create a circuit to rival Monaco. The work, however, will preclude Valencia's expected appearance in 2008, as the area around the Agenda de Francia and Paseo de la Alameda is still undergoing redevelopment, but will mean that the port area will retain a focus once the America's Cup is over.

"It has been agreed by the Department of Infrastructure and Transportation to take the necessary actions to carry out the work necessary for a grand prix," a statement issued by the Generalitat confirmed, "This includes the connection of the Avenida de Francia and the extension of the park and port, as well as the implementation of the equipment and installations required for a street circuit good enough for Formula One."