Jan.20 (GMM/Inautonews.com) Valencia’s regional president has confirmed he wants F1 chief executive Bernie Ecclestone to lower the fee for the European grand prix street race.

We reported this week that Alberto Fabra, president of the Valencia Generalitat, had a “private” meeting on Tuesday with Ecclestone in London.

EFE news agency said Fabra wants to “negotiate down” its contracted race fee amid Spain’s economic crisis.

“We want to continue with the grand prix of Europe,” Fabra is quoted as saying by Spanish reports including the sports daily Marca, “but with different conditions.”

He confirmed during a press conference in Madrid on Thursday that the negotiations with Ecclestone are for staging the race with “lower costs” to “find the right balance”.