With Spanish interest at an all time high thanks to the success of countryman Fernando Alonso, a second Spanish event has been added to the 2008 Formula One calendar.

Dubbed the European Grand Prix, Valencia has signed a seven year deal to host the race around the streets of the America's cup port. The 57-lap European Grand Prix will take place over a 5.440km temporary street circuit and is commonplace in modern day Formula One, has been designed by Hermann Tilke.