As Bernie Ecclestone admits that the European Grand Prix is likely to be missing from the 2013 schedule, organizers at Valencia have revealed that they are hoping to get the F1 supremo to reduce his race fee.

The Valencia street track has never proved popular with fans or drivers, and even with Fernando Alonso seemingly heading towards his third title organizers have found it increasingly difficult to make the event financially viable. Though they insist F1 is good for Valencia's image, and that the race brings in much needed tourism revenue, they are hoping to persuade Ecclestone to reduce the hosting fee.

Earlier today, Serafin Castellano, secretary general of the Valencia region's ruling party, told local media that regional president, Alberto Fabra, is in talks with Ecclestone with a view to reducing the fee.

"He is in a process of negotiation to reduce the cost of the Formula One levy," said Castellano, adding that "Formula One is very important not only from an image point of view but also due to the economic impact, the creation of jobs and what that means for the Valencia region."

As from next season, Valencia will host the Spanish Grand Prix on an alternating basis with Barcelona. However, even this deal is unlikely to appease those charged with slashing the regions spending as part of the nation's austerity drive.

According to Reuters, the Valencia region was the first to seek financial assistance from Madrid and used several state loans to repay its debts during the first half of 2012.