The result ended fourth-place Valencia's run of five straight wins.
Santander: Racing Santander drew 1-1 with Valencia in its first game under the ownership of Indian tycoon Ahsan Ali Syed on Monday in the Spanish league.
Racing forward Ariel Nahuelpan scored the 33rd-minute opener, heading home after a poor clearance by Valencia midfielder Tino Costa.
Costa made up for his mistake in the 78th, controlling a corner and firing in a left-footed blast from the edge of the area to equalise.
The result ended fourth-place Valencia's run of five straight wins, while Racing is now three points out of the drop zone.
Valencia defender David Navarro, teammate Ricardo Costa and Santander midfielder Mehdi Lacen were all sent off in the second half.
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