F1: A Formula One grand prix on the streets of Valencia has been confirmed for 2008 and for the next seven seasons.
F1 chief Bernie Ecclestone has rubber-stamped the agreement he held with the region's authorities last month.
With the Spanish Grand Prix already staged at Barcelona, the new race will be called the European GP and capitalises on the country's booming love affair with the sport on the back of the success of double world champion Fernando Alonso.
The race will be run around the city's harbourside streets on a track between 2.5 and 2.7 miles long.
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It will join Monaco and another new venue, Singapore, as the only dedicated street venues on the F1 calendar.