The European Grand Prix will be held in Valencia, Spain on a newly designed circuit.
The Valencia circuit will be between 4.1-4.3km (2.5-2.7 miles) long and its harbourside location is bound to draw comparisons with the Monaco Grand Prix.
According to Spanish media, Ecclestone insisted the race must be on a street circuit rather than the nearby Ricardo Tormo track in Cheste which hosts a round of the MotoGP and is also used for F1 testing.
It’s always about money.
Valencia’s willingness to pay an estimated 26m euros (£17.5m) to stage each race as well as the boom in popularity of F1 in Spain, sparked by the emergence of double world champion Fernando Alonso, are seen as major factors behind the decision.
Credit BBC for the quote.