The Spanish Grand Prix, held at the Circuit de Barcelona-Catalunya, will have its local funding cut by half in 2016, Spanish media reports.
Barcelona’s city council currently contributes €4 million toward the event, but will cut that to just €2m in 2016 as the race is “not a priority” according to deputy mayor, Gerardo Pisarello.
Further cuts will take place next year to phase out payments, with Pisarello saying it would be wrong to abruptly cut funding as it could have “serious consequences” for the race.
Instead the local council has agreed a “viability plan” with the organisers to ensure it is “self sufficient, little by little” in future.
The circuit currently has a deal in place to host the Spanish Grand Prix until 2019.
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