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Event
Information:
The
Korean Grand Prix is a Formula One
race held in South Korea. After
months of speculation, on October 2,
2006 it was confirmed that the event
would actually take place in 2010,
and would be hosted by the Korea
International Circuit. It has also
been revealed that the race will be
promoted by a public-private
company. The deal is for seven years
with a five year option that would
ensure the race to be held until
2021.
Despite this earlier confirmation,
the South Korean Grand Prix was not
included on any of the provisional
2010 calendars floated by Formula
One Management. Following approval
of funding for the event, however,
Korea was given the date of 17
October on the 2010 calendar
published by the Fédération
Internationale de l'Automobile (FIA)
on 21 September 2009. The Korea
International Circuit is a 5.62 km
(3.49 mi) motorsport circuit located
in Yeongam, South Jeolla, South
Korea, 400 kilometres south of Seoul
and near the port city of Mokpo. It
is the venue for the F1 Korean Grand
Prix after a $264 million (250
billion won) deal between Bernie
Ecclestone and the Korean F1
promoter Korea Auto Valley Operation
(KAVO – a joint venture between
M-Bridge Holdings and Jeollanam-do
regional government).
Organisers of the Korean Grand Prix
have expressed dissatisfaction over
the terms of their contract with
Bernie Ecclestone and Formula One
Management, particularly with
regards to the cost of
race-sanctioning fees, and have
sought to renegotiate the contract,
seeking more-favourable terms.
However, Ecclestone ruled out
renegotiations, stating that the
initial negotiation process had been
difficult enough, and that the
organisers were aware of the terms
of the contract when they first
signed it. Ecclestone has stated
that in the event that race
organisers can not pay sanctioning
fees, the Korean Grand Prix will be
removed from the calendar. The final
calendar released in December kept
the Korean Grand Prix intact.
Shortly after the Australian Grand
Prix, organisers of the race in
Korea announced that they had
reached a new deal with Formula One
Management that would save $20.5
million in costs. However, Kang
Hyo-seok, director of race
organisation for the Korean Grand
Prix, admitted that the race was
still far too expensive for Korea,
anticipating an estimated loss of
$26 million in .
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