No Singaporean GP then, but who cares?
Well done to them!
The European Grand Prix will be held on a new street circuit in the Spanish city of Valencia from 2008.
The seven year deal was announced in Valencia today, and means that Spain will henceforth have two grands prix as Barcelona has a contract to host the Spanish GP until 2011.
Formula 1 is currently extremely popular in Spain due to Fernando Alonso's world championship success, with a huge crowd expected for this weekend's Catalunya race.
Although Valencia has a permanent racetrack on the outskirts of the city - which is regularly used for F1 testing - the European GP will be held on a street track around the harbourside.
Valencia's deal to host this year's America's Cup yacht race has revitalised the city's port area and brought considerable investment and development.
A grand prix is seen as an ideal way to maintain the Valencia's profile after the yacht event this summer, and for F1 to capitalise on the 'Alonso effect' in Spain.
McLaren launched its 2007 car in Valencia in January, with Alonso conducting an F1 demonstration in the city's streets as part of the event.
The Valencia circuit will be the first new street venue to join the F1 calendar since the short-lived Phoenix track that hosted the US GP from 1989 to 1991.
