Vital F1 | Korean Grand Prix in doubt?
Vital Login
Social Login

Other Sites

Network Navigation

Vital Partners

'If It's F1, It's Vital'

Korean Grand Prix in doubt?

The Formula One circus may have just left Yeongam, who host the Korean Grand Prix, for the last time.

The Korean Grand Prix's current deal with Formula One Management runs until 2016, however financial problems have threatened that current agreement.

The cost of hosting last weekends race according to Korean media, was estimated at around 52million.

Income from ticket sales for Friday practice, Saturday practice and qualifying and Sunday's race reached just 16million, totalling a massive loss of 36million.

The race fee for hosting the event and the television rights from FOM is estimated at 35million, so the race promoters are hoping to renegotiate their race contract terms in a bid to ease their financial issues.

'We are trying hard, but we need the co-operation of Mr. Bernie Ecclestone. We certainly want to continue with this event because it is a big event, even though we have losses. Yeongam race promoter Won-Hwa Park told Autosport Magazine.

'He knows perfectly well our current situation, and I hope he is more co-operative.'

As well as negotiating a better contract with F1 supremo Bernie Ecclestone, the Korean Grand Prix could try to receive additional financial support from the national government, which is what other Grand Prix tracks do in other countries that host Formula One.

However in the countries where the race gains support the event is usually popular amongst the people of that country, or has an important economical factor, but that is not the case in Korea.

Park added: 'Some local people in this region are against the race because of a big financial loss in hosting the race and organising this event.

'Those citizens, who have a background as farmers and are normally poor, want to have the funds distributed for other purposes rather than be used for this so-far unpopular event.


But despite its unpopularity, Park remains adamant that Korea can continue to host the event and that the increased awareness of motor sport is a good thing for Korea.

He concluded: 'I must increase the awareness of motor sport so that people and citizens understand what we are doing. This would be an indirect way to convince the national government. Motor racing is not known here as much as it is in other developed countries.'








Join Vital F1

It's easy to join up and join in on VitalF1.com, simply click the link and enjoy getting involved!

If you are already a member of Vital Football, your logins will automatically work on VitalF1.com!

The Journalist

Writer: Red5 Mail feedback, articles or suggestions

Date:Wednesday October 19 2011

Time: 12:00PM

 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Vital F1 Articles

2016 Monaco GP - FP2 (Thursday May 26 2016)

2016 Monaco GP - FP1 (Thursday May 26 2016)

Blog: Monaco Preview (Thursday May 26 2016)

Who will win in Monaco? (Monday May 23 2016)

Lauda slams Hamilton (Tuesday May 17 2016)

Seven score race wins in Spain (Tuesday May 17 2016)

Mercedes duo crash (Monday May 16 2016)

Blog: Spanish GP Report (Sunday May 15 2016)

2016 Spain GP - Race (Sunday May 15 2016)

Blog: Barcelona Qualifying (Saturday May 14 2016)

2016 Spain GP - Qualifying (Saturday May 14 2016)

2016 Spain GP - FP3 (Saturday May 14 2016)

2016 Spanish GP - FP2 (Friday May 13 2016)

2016 Spanish GP - FP1 (Friday May 13 2016)

Blog: Barcelona Preview (Wednesday May 11 2016)

Renault have big plans for Spain (Wednesday May 11 2016)

Who will reign in Spain? (Monday May 9 2016)

Bottas content with Russia finish (Thursday May 5 2016)

What was Sebastian to do? Fly? (Wednesday May 4 2016)

Russian roulette (Monday May 2 2016)

Blog: Russian GP Report (Monday May 2 2016)

2016 Russia GP - Race (Sunday May 1 2016)

2016 Russia GP - Qualifying (Saturday April 30 2016)

2016 Russia GP - FP3 (Saturday April 30 2016)

2016 Russia GP - FP2 (Saturday April 30 2016)

2016 Russia GP - FP1 (Friday April 29 2016)

Hamilton has one eye on retirement (Friday April 29 2016)

Horner praise for Renault (Thursday April 28 2016)

Booth returns to Formula One (Thursday April 28 2016)

Alonso believes he's still the best (Wednesday April 27 2016)

Hamilton can re-use China engine (Wednesday April 27 2016)

Blog: Sochi Preview (Tuesday April 26 2016)

Who will win in Russia? (Monday April 25 2016)

Red Bull's wings no longer clipped? (Thursday April 21 2016)

Hamilton is the benchmark says Rosberg (Wednesday April 20 2016)

Grosjean slams 'idiotic' Ericsson (Wednesday April 20 2016)

Ricciardo is all smiles (Tuesday April 19 2016)

Four take maximum points in China (Monday April 18 2016)

Embarrassed Vettel slams Kvyat (Monday April 18 2016)

Blog: Chinese GP Report (Sunday April 17 2016)

2016 China GP - Race (Sunday April 17 2016)

Blog: Shanghai Qualifying (Saturday April 16 2016)

2016 China GP - Qualifying (Saturday April 16 2016)

2016 China GP - FP3 (Saturday April 16 2016)

2016 China GP - FP2 (Friday April 15 2016)

2016 China GP - FP1 (Friday April 15 2016)

Kick in the goonies for Hamilton (Thursday April 14 2016)

Good things can happen for Renault (Wednesday April 13 2016)

Has Hamilton lost his spark? (Wednesday April 13 2016)

Blog: Shanghai Preview (Wednesday April 13 2016)

Tyre chaos in China? (Tuesday April 12 2016)

Who will win in China? (Monday April 11 2016)

Haas targeting points from every race (Wednesday April 6 2016)

Defending champ scores zero points (Tuesday April 5 2016)

Rosberg equals Sir Stirling Moss (Monday April 4 2016)

Blog: Bahrain GP Report (Monday April 4 2016)

2016 Bahrain GP - Race (Sunday April 3 2016)

Blog: Sakhir Qualifying (Saturday April 2 2016)

2016 Bahrain GP - Qualifying (Saturday April 2 2016)

2016 Bahrain GP - FP3 (Saturday April 2 2016)

Archived Vital F1 Articles

List All Vital F1 Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

1. Red5 1088
2. DJ 1039
3. The Fear 773
4. Villaininthemerde 612
5. johnkelv 584
6. Druss_the_Legend 555
7. Push The Button 477
8. col8 334
9. The Intimidator 182
10. __villa__ 145

Current Site Poll (view all polls)

Who will win in Monaco?
Verstappen 43%
Ricciardo 20%
Rosberg 11%
Hamilton 5%
Vettel 2%
Raikkonen 14%
Someone else 5%