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Suzuka and Valencia agree new F1 deals

Japanese Formula One venue Suzuka, and European Grand Prix venue Valencia have extended their deals to host Formula One races.

The BBC reports that Suzuka will host the Japanese Grand Prix in 2010 and 2011 under a new deal reached with Bernie Ecclestone this weekend at the European Grand Prix in Valencia. The circuit’s owners, Fuji International Speedway, had said last month it could no longer afford to host the event due to the economic downturn.

Hiroshi Oshima, president of the Mobilityland Corporation, which operates the Suzuka circuit, said, “We are delighted that the Suzuka Circuit will now safeguard one of our most important national sporting events by playing host to the Japanese Grand Prix for the next three years.”

Valencia will host the European GP for the next five years under its deal extension.