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

2017 United States GP - Race (Monday October 23 2017)

Blog: Austin Qualifying (Sunday October 22 2017)

2017 United States GP - Qualifying (Sunday October 22 2017)

2017 United States GP - FP3 (Saturday October 21 2017)

2017 United States GP - FP2 (Saturday October 21 2017)

2017 United States GP - FP1 (Friday October 20 2017)

Blog: Austin Preview (Thursday October 19 2017)

Who will win in the USA? (Thursday October 19 2017)

Sauber to make huge step forward in 2018 (Wednesday October 18 2017)

Formula One wants race in Netherlands (Tuesday October 17 2017)

Toro Rosso name fourth driver of 2017 (Monday October 16 2017)

Palmer F1 career ends? (Tuesday October 10 2017)

Blog: Japanese GP Report (Monday October 9 2017)

2017 Japan GP - Race (Sunday October 8 2017)

Blog: Suzuka Qualifying (Saturday October 7 2017)

2017 Japan GP - Qualifying (Saturday October 7 2017)

2017 Japan GP - FP3 (Saturday October 7 2017)

2017 Japan GP - FP2 (Friday October 6 2017)

2017 Japan GP - FP1 (Friday October 6 2017)

Blog: Suzuka Preview (Thursday October 5 2017)

Who will win in Japan? (Tuesday October 3 2017)

More woe for Ferrari (Monday October 2 2017)

2017 Malaysia GP - Race (Sunday October 1 2017)

Blog: Sepang Qualifying (Saturday September 30 2017)

2017 Malaysia GP - Qualifying (Saturday September 30 2017)

2017 Malaysia GP - FP3 (Saturday September 30 2017)

2017 Malaysia GP - FP2 (Friday September 29 2017)

2017 Malaysia GP - FP1 (Friday September 29 2017)

Blog: Sepang Preview (Thursday September 28 2017)

New deals for Mercedes and Force India (Wednesday September 27 2017)

Leclerc lands F1 seat (Tuesday September 26 2017)

Who will win in Malaysia? (Monday September 25 2017)

A messy McLaren Honda divorce (Thursday September 21 2017)

Blog: Singapore GP Report (Monday September 18 2017)

2017 Singapore GP Race (Sunday September 17 2017)

Blog: Singapore Qualifying (Saturday September 16 2017)

2017 Singapore GP - Qualifying (Saturday September 16 2017)

2017 Singapore GP - FP3 (Saturday September 16 2017)

2017 Singapore GP - FP2 (Friday September 15 2017)

2017 Singapore GP - FP1 (Friday September 15 2017)

Red Bull duo looking forward to Singapore (Thursday September 14 2017)

Blog: Singapore Preview (Wednesday September 13 2017)

Who will win in Singapore? (Monday September 11 2017)

Ferrari embarrassed by home soil defeat (Thursday September 7 2017)

2017 Italy GP - Race (Sunday September 3 2017)

Hamilton breaks all-time record (Saturday September 2 2017)

2017 Italy GP - Qualifying (Saturday September 2 2017)

2017 Italy GP - FP3 (Saturday September 2 2017)

2017 Italy GP - FP2 (Friday September 1 2017)

2017 Italy GP - FP1 (Friday September 1 2017)

F1 Musical chairs starts and ends early (Friday September 1 2017)

Blog: Monza Preview (Wednesday August 30 2017)

Who will win in Italy? (Tuesday August 29 2017)

Blog: Belgian GP Report (Monday August 28 2017)

2017 Belgium GP - Race (Sunday August 27 2017)

Blog: Spa Qualifying (Saturday August 26 2017)

2017 Belgium GP - Qualifying (Saturday August 26 2017)

2017 Belgium GP - FP3 (Saturday August 26 2017)

2017 Belgium GP - FP2 (Friday August 25 2017)

2017 Belgium GP - FP1 (Friday August 25 2017)

Kimi gets new Ferrari contract (Thursday August 24 2017)

F1 Prediction Comp open for Belgium (Wednesday August 23 2017)

Who will win in Belgium? (Wednesday August 23 2017)

Blog: Spa Preview (Tuesday August 22 2017)

Is Formula E a threat to Formula One? (Wednesday August 16 2017)

F1 to introduce standardised parts? (Monday August 14 2017)

Sainz fake news (Saturday August 12 2017)

Hungaroring set for revamp (Wednesday August 9 2017)

Drivers mixed on Halo introduction (Monday August 7 2017)

Sauber ditch Honda for Ferrari (Thursday August 3 2017)

Blog: Hungarian GP Report (Wednesday August 2 2017)

2017 Hungarian GP - Race (Sunday July 30 2017)

2017 Hungarian GP - Qualifying (Saturday July 29 2017)

2017 Hungarian GP - FP3 (Saturday July 29 2017)

2017 Hungarian GP - FP2 (Friday July 28 2017)

2017 Hungarian GP - FP1 (Friday July 28 2017)

Halo will debut in F1 in 2018 (Friday July 28 2017)

Blog: Hungaroring Preview (Thursday July 27 2017)

Cosworth to return to Formula One? (Wednesday July 26 2017)

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. DJ 1178
2. Red5 1125
3. The Fear 773
4. Villaininthemerde 612
5. johnkelv 601
6. Druss_the_Legend 596
7. Push The Button 512
8. col8 334
9. The Intimidator 217
10. VanGisbergen2013 179

Current Site Poll (view all polls)

Who will win in Mexico?
Hamilton 100%
Vettel 0%
Verstappen 0%
Ricciardo 0%
Bottas 0%
Raikkonen 0%
Someone else 0%