Valencia aims to have 'best urban track'

Valencia reached an agreement to host a Grand Prix from 2008 on a circuit around the Spanish city's new America's Cup port.

"The contract will not be signed until after the election, but I'm convinced it will happen," Ecclestone told a news conference. This will be an urban circuit rather than a street circuit and even better than some of the ones that are already on the calendar."

The race, to be called the European Grand Prix, is scheduled for late in the season on a newly designed circuit of between 4.1 and 4.3 km in length reminiscent of Monaco's with its harbour-side location.

The circuit will be designed by German Hermann Tilke, architect of the sport's most modern tracks.

"Before I watched Grands Prix on television and now we are going to have one here," said Camps, who is strong favourite to be re-elected to his post. "I'm convinced that we'll make a excellent job of it because it will be the best urban circuit in the world."

Opposition groups in Valencia were critical, however, accusing Camps of trying to make political capital out of the announcement.

Valencia's willingness to pay an estimated 26 million euros ($35.20 million) to stage each race, and the boom in popularity of Formula One in Spain since the emergence of double world champion Fernando Alonso, are seen as major factors behind the decision.

Alonso, speaking at Barcelona's Circuit de Catalunya ahead of Sunday's Spanish Grand Prix, welcomed the announcement.

"We are very happy to race in any place. Now we have two Grands Prix in Spain, for me it will be okay, it will be nice to see how this sport develops in Spain," the McLaren driver told a news conference.

"Four years ago, we didn't have even TV coverage and now we will have two Grands Prix. So that's very special."

The Circuit de Catalunya has an agreement to stage the Spanish Grand Prix until 2011.