Formula One pays just £1million corporation tax on £300million profit

[lew600fazer]

Isn't the Valencia F1 race run on a street circuit?

Just copied this from Wikepedia,
Would appear Bernie is a man of honour just like the Politicians he was dealing with, :rollin :rollin  Must admit though I did not know it was a street circuit.
Being a street citcuit I assume would explain the reasoning why the regional government got involved , what the article did fail to mention was what income the event pumped into the local economy, and that you will never find out as the Spanish are masters at  not paying there taxes if they can avoid it.
The deal to host the Valencia race was signed on June 1, 2007, and is for seven years.[sup][10][/sup] The deal was made between Formula One supremo Bernie Ecclestone and the Valmor Sport group, which is led by former motorcycle rider Jorge Martinez Aspar and Villarreal football club's president Fernando Roig. This deal goes back on comments made by Ecclestone previously stating that no European country should hold more than one race each year as Barcelona currently holds the Spanish Grand Prix each year.
Although now confirmed, the deal was rumored to be conditional on the People's Party winning regional elections on 27 May 2007.[sup][11][/sup] However, Ecclestone had clarified his comments on May 16, 2007: "I said I wouldn't formalise a contract until after the elections because I didn't know who I would be signing it with." He said his statements were taken out of context.[sup][12][/sup] Ecclestone has since been cleared of influencing the election by the Valencian Electoral Commission.[sup][13][/sup]
The official track layout was unveiled by Valencia councillor and transport counselor, Mario Flores, on 19 July 2007. The track was first used in the last weekend of July 2008, as the circuit hosted a round of the Spanish F3 Championship and International GT Open. It was first used for the European Grand Prix on August 24, 2008.