The Spanish city of Valencia is set to host a round of the FIA Formula One World Championship next year. The race, to be known as the European Grand Prix, will be held on a newly-constructed harbour-side street circuit.

A seven-year agreement was announced recently at a press conference attended by Formula One Management CEO Bernie Ecclestone, Valencian government's President Francisco Camps and Valencia's mayor Rita Barbera.

Valencia’s Mediterranean backdrop will provide a spectacular setting for the new track. The city, currently hosting the America’s Cup sailing event, is becoming very popular for large events in the sporting world and consequently is achieving a higher profile around the world.

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