The series of contacts established over two months ago by Francisco Camps, the president of the Valencian region (photo, right) and Bernie Ecclestone (photo, left), the owner of Formula One Racing have now finally borne fruit.
Mr Ecclestone, who visited Valencia last weekend, describing it as "the best kept secret in the world," finally stated that the Ricardo Tormo circuit at Cheste would be allowed to play host to Formula One racing.
Insiders have expressed the belief that the race will arrive in Valencia in 2009, as the technical modifications to the circuit in order to accommodate Formula One racing are already under way.
Both Mr Camps and Mr Ecclestone will have a later meeting to discuss the financial arrangements of bringing Formula One to Valencia, but the racing director departed from Valencia after a lightning two-day visit to the city clearly delighted with what he had seen.
The agreement means in effect that Mr Camps and his government have succeeded in keeping the region high on the prestige of the international calendar, with the Pope's visit and preliminary Americas Cup regattas this year, the final of the Americas Cup next year -and with Alinghi stating that if that syndicate retains the Cup, the following Americas Cup races would also take place in Valencia-, and the World Indoor Athletics Championships in 2008.