Fabra's predecessor Francisco Camps and the mayor of Valencia, Rita Barberá, already started talks in July last year with Ferrari president Luca de Montezemolo.
The total investment required to build the park is an estimated 1 billion euros. The sources specify that the talks have reached an advanced stage but that no deal has been closed yet.
The regional government of Valencia has laid down the condition that the new Eurodisney' of Formula One will not cost the Generalitat, which closed 2011 with a budget deficit of 3.64 billion, anything. But in exchange for the investment, the regional government is willing to give the necessary land, around 1.2 million square metres in Cheste, near the Ricardo Tormo circuit, for free. The theme part should include a roller coaster and more than 20 other attractions, race simulators, race driver lessons and commercial areas.
According to sources quoted by Radio Valencia, 30% of the global investment will be paid by Alrasoul, 10% by Banca Santander, sponsor of Ferrari and the remaining 60% will be a loan granted by Credit Suisse. The Generalitat has reportedly also scheduled a change of urban legislation to facilitate the installation of large-scale projects with strategic value for the region's development. If the negotiations succeed, work on the Ferrari theme park should start in 2013. The project is expected to take two years to complete, creating 500 jobs.