Negotiations with Liberty Media about extending Barcelona's F1 race contract have not even started yet.

The Circuit de Catalunya is among a handful of race promoters who are yet to commit to the sport beyond this year.

"We are talking but not negotiating," circuit president Vincenc Aguilera told El Mundo Deportivo newspaper.

"Negotiations should begin shortly," he added. "I am optimistic because we want to find an agreement."

Barcelona is among the race promoters who are upset about Liberty Media's annual fees.

Aguilera said: "The shareholders have put a series of conditions on but with the objective of renewing.

"Our goal is to see how we can improve our revenues and reduce our expenses. In 2018, the losses were as significant as in 2017," he revealed.

"We do not want to keep enduring that."

Aguilera said there is a deadline for the negotiations to be complete.

"It cannot be the end of the year because they have to publish the calendar," he said.

"The logical thing would be that everything is finished at the end of summer, or September at the maximum."

Circuit director Joan Fontsere admitted that the negotiations with Liberty will not be easy, because "If it was easy it would be done".

Aguilera continued: "I negotiated with Bernie Ecclestone from 2012 to 2015. Three years! It was a very long and difficult negotiation but we arrived at a solution that sees Barcelona in F1 today.

"This will be a much faster negotiation," he added.