From a press release issued by Dorna Sports:

MotoGP signs deal to stay at Valencia until 2011

The MotoGP World Championship will continue to celebrate a Grand Prix at the Circuit de la Comunitat Valenciana – Ricardo Tormo in Valencia for the next seven seasons after an agreement was signed between Dorna Sports, television and commercial rights holders to the series, and the government of the autonomous region of Valencia, the Generalitat Valenciana.

In a special ceremony at the Palace of the Generalitat Valenciana on Friday afternoon, Dorna Sports CEO Carmelo Ezpeleta and the President of the Generalitat Valenciana, Francisco Camps, put pen to paper on an extension to their current deal, which began when the purpose-built circuit was inaugurated by the first MotoGP race there in 1999.

A Grand Prix has been held successfully every season since then and Valencia has become one of the most eagerly anticipated dates on the calendar. This October the Ricardo Tormo circuit hosted the final round of the 2004 MotoGP World Championship and attracted the highest attendance of the season, with a capacity race-day crowd of 122,034 boosting the overall attendance for the Gran Premio Marlboro de la Comunitat Valenciana to an incredible 211,468.