Spanish GP set for reduction in funding

© XPB 

The Spanish Grand Prix is set to have its funding from the city of Barcelona cut by 50% in 2016.

Local media reports the council will reduce its contribution towards the race from €4million to €2million from this year, as part of a move to phase out the funding altogether. The first deputy mayor of Barcelona, Gerardo Pisarello, told Diario Sport the decision has been taken because "Formula 1 is not a priority".

The Circuit de Barcelona-Catalunya underwent a rebranding to incorporate the city's name in 2013, and during last year's Spanish Grand Prix announced a new contract to host the race until 2019. However, that deal came before the current council was elected.

The council is set to withdraw the complete €4m of funding for the race, but Pisarello says it has opted for a "phasing out" of its backing in order to avoid "damaging consequences".

Negotiations have taken place between the council and the municipalities involved in order to put together a viable business plan which may involved a "restructuring" to make the circuit self-sufficient "little by little", Pisarello added.

Playing the joker: Sebastian Vettel

Technical feature: All of the 2015 F1 steering wheels

Quotes of the 2015 F1 season

Use the red tabs on either side of the screen to scroll through more Formula One news and features

2015 F1 technical review

Best of ... Scene at

Keep up to date with all the F1 news via Facebook and Twitter