Barcelona slashes funding for Spanish GP

Dec.31 (GMM) Barcelona's city council has slashed funding for the Spanish grand prix.

Local reports including by the El Confidencial and Diario Sport newspapers say the council's contribution towards the annual race at the Circuit de Catalunya has been halved from EUR 4 million per year to just two.

It comes after new mayor Ada Colau warned in the middle of the year that "In the context of what is happening (in Barcelona), formula one is not the priority".

Her deputy, Gerardo Pisarello, has now confirmed the 50 per cent funding slash, arguing that the amount was not reduced to zero because "an abrupt withdrawal would have damaging consequences".

Barcelona will therefore continue to contribute in 2016, so "they (race promoters) can do a viability plan" and "this private initiative will be self-sufficient, little by little".