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

Blog: Hockenheim Preview (Tuesday July 26 2016)

Who will win in Germany? (Monday July 25 2016)

Blog: Hungarian GP Report (Sunday July 24 2016)

2016 Hungarian Grand Prix - Race (Sunday July 24 2016)

Blog: Hungaroring Qualifying (Saturday July 23 2016)

2016 Hungarian Grand Prix - FP3 (Saturday July 23 2016)

2016 Hungarian Grand Prix - FP2 (Friday July 22 2016)

2016 Hungarian Grand Prix - FP1 (Friday July 22 2016)

FIA clarify radio communications (Friday July 22 2016)

Peter Sauber retires as team is sold (Thursday July 21 2016)

Blog: Hungaroring Preview (Tuesday July 19 2016)

Who will win in Hungary? (Monday July 18 2016)

Hamilton Mania (Wednesday July 13 2016)

Ferrari keeping an eye on Hamilton (Tuesday July 12 2016)

Blog: British GP Report (Monday July 11 2016)

Hamilton Mania (Monday July 11 2016)

2016 British GP - Race (Sunday July 10 2016)

Blog: Silverstone Qualifying (Saturday July 9 2016)

2016 British Grand Prix - FP3 (Saturday July 9 2016)

2016 British Grand Prix - FP2 (Friday July 8 2016)

2016 British Grand Prix - FP1 (Friday July 8 2016)

Blog: Silverstone Preview (Thursday July 7 2016)

Reckless Rosberg (Monday July 4 2016)

Who will win in Britain? (Monday July 4 2016)

Blog: Austrian GP Report (Sunday July 3 2016)

2016 Austrian GP - Race (Sunday July 3 2016)

Blog: Red Bull Ring Qualifying (Saturday July 2 2016)

2016 Austrian GP - Qualifying (Saturday July 2 2016)

2016 Austrian GP - FP3 (Saturday July 2 2016)

2016 Austrian GP - FP2 (Friday July 1 2016)

2016 Austrian GP - FP1 (Friday July 1 2016)

Blog: Red Bull Ring Preview (Thursday June 30 2016)

Who will win in Austria? (Monday June 27 2016)

F1 musical chairs begins (Thursday June 23 2016)

Blog: European GP Report (Monday June 20 2016)

2016 European Grand Prix - Race (Sunday June 19 2016)

Blog: Baku Qualifying (Saturday June 18 2016)

2016 European Grand Prix - FP3 (Saturday June 18 2016)

2016 European Grand Prix - FP2 (Friday June 17 2016)

2016 European Grand Prix - FP1 (Friday June 17 2016)

Pirelli reveal Baku tyre choices (Wednesday June 15 2016)

Rosberg was p***** off (Tuesday June 14 2016)

Who will win in Baku? (Monday June 13 2016)

Blog: Canadian GP Report (Monday June 13 2016)

2016 - Canada GP - Race (Sunday June 12 2016)

Blog: Montreal Qualifying (Sunday June 12 2016)

2016 Canada GP - Qualifying (Sunday June 12 2016)

2016 Canada GP - FP3 (Saturday June 11 2016)

2016 Canada GP - FP2 (Saturday June 11 2016)

2016 Canada GP - FP1 (Saturday June 11 2016)

Ericsson & Nasr at breaking point? (Thursday June 9 2016)

Blog: Montreal Preview (Wednesday June 8 2016)

Red Bull & Renault agree new deal! (Wednesday June 8 2016)

Who will win in Canada? (Monday June 6 2016)

More criticism for Kvyat (Thursday June 2 2016)

Blog: Monaco GP Report (Sunday May 29 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 1096
2. DJ 1061
3. The Fear 773
4. Villaininthemerde 612
5. johnkelv 585
6. Druss_the_Legend 563
7. Push The Button 483
8. col8 334
9. The Intimidator 188
10. __villa__ 145

Current Site Poll (view all polls)

Who will win in Germany?
Hamilton 50%
Rosberg 26%
Raikkonen 6%
Vettel 6%
Ricciardo 6%
Verstappen 6%
Someone else 0%