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SBD Global/December 5, 2013/Finance

Valencia, Spain Political Party Esquerra Unida Criticizes Management Of F1 GP Funds

Valencia, Spain political party Esquerra Unida, which "opposes the Valencian Community's Popular Party," criticized "holding an F1 Grand Prix event in Valencia for being done on a whim by former Valencia city council President Francisco Camps," according to Manuel Franco of AS. Esquerra Unida also claimed that the Valencia Grand Prix cost the city €300M and "used public funds to support big private business." Esquerra Unida spokesperson Ignacio Blanco said, "A triangular system was set up to do private business with public money, in which the Valencian City Council always paid and [F1 CEO] Bernie Ecclestone always collected. The total cost reached €300M: €100M in taxes, €100M on track construction and another €100M in related spending, forming a scandal of colossal dimensions" (AS, 12/4).
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