South Korea one step closer

Ecclestone: Announcement next month

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South Korea's state government has passed historic legislation which it is hoped will bring the country its inaugural grand prix as early as next year.

Both the country's government and its opposition party approved the 'F1 Act' which supports the construction and management of a new circuit being built in Yongam in the South Jeolla province.

The act is the first in Korean politics to have been created in support of motor sport and allows the government to fund the track's completion - finances having already been raised through private investment.

Young-Cho Chung, CEO of race promoters Korea Auto Valley Operation, said: "With the passing of the F1 Act and the construction of the circuit well above its progression rate, the dream of having an international motor sport circuit has become a reality for the motor sports community.

"By maintaining strong co-operative relationships with the central government and with the support on a national level we will do our best to make the 2010 F1 Korean Grand Prix an event of unprecedented success."

Although the Korean officials are talking of a race next year, it was not on the provisional calendar that emerged last month.

Formula One commercial rights controller Bernie Ecclestone and the FIA's World Motor Sport Council are due to announce the official calendar in October.