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The original question is an interesting one, although I doubt it's top of either government's priorities right now and obviously I have no idea what's going to happen but I sort of suspect nothing, at least for a while. From what I can work out, similar to the Valencia Street Circuit's construction and operation costs forming part of that autonomous community's spectacular budget deficit (largest in Spain ) the Circuit de Catalunya is also financed chiefly - to the tune of 80% - by the regional assembly (Generalitat) along with the Catalonian branch of the Royal Automobile Club, and Montmelo's council. I'm not totally sure on this but those were listed as the principle shareholders when the circuit posted a loss in 2014. The Generalitat justified its funding as part of the Tourism Plan as the circuit is estimated to bring in 330 million to the area, and with Alonsomania having died down, weirdly the net benefits to the area are going up (apparently) as more visitors are foreign and therefore spending more on accommodation than domestic fans might. Where this could get interesting is most likely to be with a possible suspension of Autonomy - the first step towards this happening was taken this week by Spain's Prime Minister Mariano Rajoy essentially saying "did you declare or not? We can't hear you"; the next steps depend on Carles Puigdemont's response to whether he did or did not declare independence and whether he wants to continue with that declaration/non-declaration. If Central Government assumes control of Catalunya's finances and everything else, it would then be in charge of the money that goes to the Grand Prix ... but there's obviously still a contract in place and I suspect they would honour it and try to present a Business as Usual front with Catalunya still being part of Spain, nothing to see here. That situation would also be unlikely to last until next May as they would have to hold some new elections rather than continue administering an autonomous region centrally and creating even more tension by doing so. However, elections to me seem like some more 'kick the can down the road' politics as the results are unlikely to be favourable to central government position ... but while it is central government that holds the power the grant a binding referendum, and as long as they suspect they could lose that they aren't going to grant it, electing a pro-independence regional government doesn't get Catalunya any close to what some people there want either. It's all a bit of a farce.