The Korean Grand Prix's long-term future on the calendar could be in doubt, with organisers seeking a renegotiation of their contract in a bid to bring losses under control.
Race promoter to ask for reduced hosting fee
The Korean Grand Prix's long-term future on the calendar could be in doubt, with organisers seeking a renegotiation of their contract in a bid to bring losses under control.
The race made a reported loss of £36million last year after ticket sales for the weekend amounted to just £16million, whilst the total costs associated with staging the event, including the hosting fee, stood at around £52million.
Korea is reported to pay £35million each year for the privilege of hosting the grand prix - a deal which increases by 10 per cent each year until the end of the contract in 2016 - but race bosses are now hoping to renegotiate their current deal with Bernie Ecclestone.
Yeongam race promoter Won-Hwa Park told
Autosport: "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.
"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."
Should Ecclestone play hardball over any attempt by Korea to change the terms of the original agreement then, with the calendar already at a record 20 races and pressure coming from potential new venues in South Africa, Mexico and Argentina as well as 2013 race in New Jersey to come, Korea could see itself dropping off the schedule.
