According to information published yesterday by the digital edition of El Mercantil Valenciano, the cost of the work of urban circuit in Valencia doubled and the budget allocated in the first instance. Thus, it seems increasingly difficult argument contended that the millionaire investment, the so-called “zero cost”.
The Formula 1 will cost the coffers of the Port Authority of Valencia about 13,290,266 Euros
The rest of the investment, 68.9 million euros, will be funded by the Supervisor of Transport and Ports (PWG) to whom the Ministry of Economy authorized the granting of guarantees to borrow and pay for the circuit works worth 60 million euros
Can someone explain how we are going to pay these works and why these amounts are intended to cover and not to meet citizens’ needs? Displaying the money that drives Formula 1 may well think that Valmor could find their own sources of funding.
After the meeting it had with Bernie Ecclestone at the Palau de la Generalitat, Camps says that big events such as Formula 1 Grand Prix are a guarantee of wealth and prosperity for the Comunitat and stresses the organizational capacity of the Comunitat to host events of great importance to the stature of Formula 1, the americas’s Cup, the Masters Golf, the Volvo Ocean Race Championships or the world of Indoor.