Bernie Ecclestone believes that there will only be five races held in Europe in the near future, saying that it is "finished" as a Formula One hub.

Formula One has traditionally been based in Europe, with all of the team headquarters found within Britain, Italy, Switzerland and Spain. There were nine races in Europe this season, and the number will shrink to eight next year when the Turkish Grand Prix disappears from the calendar. Ecclestone, however, still feels that number is too high and expects more to fall by the wayside in the not-too-distant future.

"I think in the next few years, Europe will be left with only five races," Ecclestone is quoted by Marca. "I think Europe is finished. It will be a good place for tourism but little else. Europe is a thing of the past."

When asked if Europe was the spiritual home of Formula One, Ecclestone responded: "It used to be."

Ecclestone was clear where he was hoping to expand to in the future too, with the Russian Grand Prix in Sochi already planned for 2014.

"Russia for sure, we have a contract there ... Maybe South Africa, Mexico."