Korean GP intends to soldier on despite losses

By Ubaid Parkar, 21 November 2012
© AP Photo/Lee Jin-man

This year’s edition of the Korean Grand Prix suffered a loss of $36.4 million in the operation of the event but the organisers are keen to continue with the Formula 1 race.

Held in Mokpo, the Korean GP has suffered losses since its debut in 2010, with the damages amounting up to nearly $50 million that year alone.

"It's hard to say what kind of impact the loss has on next year," race organisers told Reuters. "Although there are many concerns regarding the operating loss, the loss for a third straight year is only a short-term effect.”

Scheduled to be listed on the calendar for another four years, and with an option to extend that to another five, organisers recognise the importance of the Grand Prix despite facing an uncomfortable hosting fee which they are seeking to re-negotiate.

"In the long-term the F1 event will bring more benefits to the country. It will not only pave the way for South Korean car industries in the future but also help foster new industries," the race organisers added.

 

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