The future of the Spanish Grand Prix at Barcelona beyond the 2012 season will depend on economic factors, according to Catalunya's president Artur Mas.
"The continuity of the F1 race at this circuit is guaranteed this year and probably next year, too," Mas was quoted as saying by El Pais newspaper. "And I trust it can have continuity also in the future. But that will depend on how the economic situation develops and on the results we have over these two years.
"Everybody knows that we have restrictions on the budgets and that F1 is loss-making. But we also have to consider the economic impact that it has and how it promotes the country. It places Catalunya in the world," he added.
Back in 2007, F1 commercial manager Bernie Ecclestone announced a new deal with Barcelona to host the race until 2016. Mas said he will do everything possible to keep the event, but admitted that there were no guarantees.
"The situation is what it is and I'm not trying to fool anyone," he said. "I said from day one that I would speak the truth and that I would speak clearly. I know the value of hosting an F1 race and I'm here to give all my support to the people at the circuit.
"I will do all I can to keep that F1 race, but we can't hide the truth. We have to reduce the budgets. The Generalitat (Catalunyas' government) must tighten its belt and that will affect all fields. We will see what happens this year and in 2012."
Barcelona has hosted the Spanish Grand Prix since the 1991 season.