At the Valencia Grand Prix, Round 12 and the last European race of the season, the 125cc race was run in dry conditions, the 250cc event was interrupted by rain, and the 500cc race was made difficult by wet conditions becoming dry later on.
500cc standings leader Valentino Rossi was 2nd fastest in qualifying and got off to a terrific start, but his tire selection of a cut front and intermediate rear proved wrong and he finished back in 11th place. His lead in the championship race is still secure, however, as closest rival Max Biaggi could only manage 10th place. This is a big step towards a first ever 500cc title for Rossi. Sete Gibernau (Suzuki) came out the eventual winner in a fiercely contested battle with Alex Barros, who finished in 2nd, and Kenny Roberts (Suzuki). Tohru Ukawa moved up the field in the second half of the race to take 6th position.
The 250cc event was a split race due to rain, and Daijiro Katoh finished first in both heats to win his 8th race of the season and, like Rossi, take a huge step towards the championship title.
Manuel Poggiali (Gilera) won the 125cc class event, but Toni Elias held onto the championship lead with a 2nd place finish. Pedorossa grabbed 3rd place and his first podium place.
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