Jul.23 (GMM) Bernie Ecclestone this week may have dropped a hint about the official title for Valencia's new formula one street race.

The inaugural event next month will be officially called the European grand prix, because fellow Spanish venue Barcelona annually hosts the Spanish grand prix.

But in previous years, the European GP title belonged to the Nurburgring race, given a rival German sanctioning body's ownership of the German grand prix moniker for Hockenheim.

But with the Nurburgring set to return to the calendar next year, it is clear that either the German venue or Valencia will have to adopt a different official title in 2009.

The Spanish press this week said Ecclestone, F1 chief executive, visited the Valencia site and was impressed with what he saw.

He is quoted as saying by newspapers that it was perhaps a mistake to call the race the European grand prix.

"It should have been the Gran Premio Mundial (World Grand Prix)," the 77-year-old said.

"This is not only the best street circuit in the world, it is one of the best circuits in the world," Ecclestone explained.