Talks on to organise Spanish race alternation - Valencia
Williams Formula One driver Bruno Senna of Brazil, Sauber Formula One driver Sergio Perez of Mexico, Toro Rosso Formula One driver Daniel Ricciardo of Australia, Red Bull Formula One driver Mark Webber of Australia and Caterham Formula One driver Heikki Kovalainen of Finland drive during the European F1 Grand Prix at the Valencia street circuit June 24, 2012. REUTERS/Heino Kalis
Amid Spain's harsh economic crisis and the strong protests of angry residents, the circuit - despite showcasing a thrilling race on Sunday - struggled this weekend to fill its vastly-culled capacity.
But Fabra insisted it is not too late to rescue the event.
"We are negotiating, and hopefully not before too long we can realise this potential alternation and set new conditions," he said on Sunday, according to El Pais newspaper.
He is referring to his talks on Sunday with Bernie Ecclestone, and the proposal that Valencia and Barcelona from now on share a single annual grand prix race date.
Asked if the F1 chief executive will also agree to reduce Valencia's race sanctioning fee, Fabra answered: "Everything is being negotiated.
"All this is happening, of course, because there is little money, but the negotiations continue and there is a willingness on both sides."