The deal to host the Valencia race was signed on 1 June 2007, and was for seven years. The deal was made between Formula One supremo Bernie Ecclestone and the Valmor Sport group, led by former motorcycle racer Jorge "Aspar" Martínez and Villarreal CF's president Fernando Roig. The circuit was designed by German architect Hermann Tilke, who also designed the infrastructure buildings for the circuit. The first Formula One race meeting on the circuit was held over the 23–24 August 2008 weekend, with Felipe Massa winning the main event, the European Grand Prix, after starting from pole position.
The Valencia Street Circuit was criticized by drivers for its lack of overtaking opportunities. However, changes in Formula One in 2011, including the introduction of the Drag Reduction System and the switch to Pirelli tyres, partially improved this with 27 passes recorded in that year's race, 22 of which were accredited to the assistance of DRS. Despite this, the circuit was still considered to be challenging, with good traction and braking stability being crucial to winning at the circuit.
The circuit features several defining corners, including the slow turn 8, with an apex speed of around 89 km/h (55 mph), which leads drivers over the bridge before immediately braking again into the equally slow turn 10. Another notable corner is turn 17, a right-handed hairpin at Museu de les Ciències Príncipe Felipe, which is taken at about 97 km/h (60 mph) and is a good spot for overtaking. The right-handers of turns 19 and 20 are also challenging, with drivers needing to navigate a series of flat-out, or near flat-out sweeping curves.
The circuit underwent several changes during its time hosting the European Grand Prix, including the introduction of two DRS zones in 2011. However, despite these changes, the circuit was ultimately left abandoned after a deal fell through to alternate this venue with Catalunya in Barcelona to host the Spanish Grand Prix.
There is no record of significant individual crashes that drove subsequent reform at the Valencia Street Circuit.
In addition to hosting the European Grand Prix, the Valencia Street Circuit also hosted a round of the Spanish F3 Championship and International GT Open in 2008. However, there is no record of the circuit hosting other major events, such as the 24h, WEC, or motorcycle GP.
The Valencia Street Circuit is currently abandoned, with no current lap records or contract extensions in place. Despite this, the circuit still holds a place in the memory of Formula One fans, with its unique layout and challenging corners making it a notable addition to the sport's history. The circuit's cultural standing is also notable, with its hosting of the European Grand Prix bringing international attention to the city of Valencia.
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