No financial penalty as Valencia breaks F1 contract 12 October, 2013 Valencia Street Circuit Former European GP venue Valencia will not be penalised after dropping off the Formula 1 calendar. We reported a week ago that race official Gonzalo Gobert confirmed the Spanish city, already absent from the 2013 and 2014 calendars, will definitively no longer host grands prix. He added that negotiations with Bernie Ecclestone were taking place so that Valencia is not penalised for breaking its contract. Valencia government vice-president Jose Ciscar said on Friday: “It appears there will be no Formula 1 in Valencia next year, and no penalty. “If there is no race, there is no penalty,” Europa Press quotes Ciscar as saying, adding that a written document for the termination is now being prepared. “The contract termination letter will not change what I am announcing right now,” he insisted. (GMM) Subbed by AJN. Reports on GrandPrix247.com by: staff & contributors, Reuters syndication, GMM service, Formula 1 teams, sponsors & organisations.