The Spanish city of Valencia has reached an agreement to host a grand prix on a street circuit around the new America's Cup port from 2008, Formula One supremo Bernie Ecclestone announced yesterday.

Ecclestone said however that the seven-year agreement with the Valencia regional government was conditional on the present president Francisco Camps of the centre-right Partido Popular winning local elections to be held later this month.

The race, to be called the European Grand Prix, is scheduled for late in the season on a newly designed circuit of between 4.1 and 4.3 km in length reminiscent of Monaco's with its harbour-side location.

The inclusion of the Valencia race would give Spain two grands prix next year, an announcement at odds with Ecclestone's previous opinion that no European country should have more than one race.

Barcelona's Circuit de Catalunya, where the Spanish Grand Prix will be held this Sunday, has an agreement to stage that race until 2011.

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