From GMM

Bernie Ecclestone has confirmed that Barcelona and Valencia will, from next year, alternate a single annual Spanish grand prix race date.

Currently, the two venues have their own places on the formula one calendar.

The Germany-style alternating scheme had been floated as a potential solution also for Spain, given the promoters' financial struggles, and F1 chief executive Ecclestone's need to free up calendar space for new races.

"Under the circumstances, especially the current economic climate, the best solution we could find was that we alternate," Ecclestone told the El Pais newspaper when asked about Spain's two F1 hosts.

Start of the 2011 European grand prix at Valencia. (Photo: Pirelli)

He is unapologetic about the push - mainly at the expense of the sport's European homeland - into new markets in the Far and Middle East.

"We are a world championship, and that means we have to be all over the planet," Ecclestone said. "We are not a European championship. We should be grateful about how far we can go."