The Valencia government will seek to renegotiate its contract with Formula 1 supremo Bernie Ecclestone as further doubt is cast over the Spanish event.

Jose Ciscar, the vice-president of the Generalitat Valenciana, said on Thursday that the government must focus on reducing the costs generated by events like the F1 race.

"The big events are under full and absolute review. They are not viable as they have been until now," Ciscar said. "The big events have had an important value up until now but the circumstances force us to prioritise."

Ciscar said the Valencia government will write to Ecclestone to try to renegotiate its contract.

The vice-president did not go as far as saying the event is under threat, but admitted that "nothing can be ruled out".

"With contracts signed, we can't be imprudent because the penalty could cost us more. We have to find balanced solutions," he added.

Valencia has hosted the European Grand Prix since the 2008 season. In 2009, organisers signed a new, five-year contract with Ecclestone.