Dec.12 (GMM) A shakeup behind the scenes of the Valencia street circuit's European grand prix has taken place within the last few days.

EFE news agency reports that the regional government, the Generalitat Valenciana, has taken over the running of the annual race from the existing promoter, Valmor Sport.

The report said the transfer involved a nominal fee, in light of Valmor's debts.

Spain's AS newspaper said a government spokesman confirmed the news, insisting that the shakeup will not affect the contract with formula one or the relationship with Bernie Ecclestone.

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