South Korea's hopes of hosting a round of the Formula 1 World Championship continue to gather pace after it was confirmed it would receive support from the government.

Concerns over whether South Korea could justify hosting an event had stalled development, but with the Korea Auto Valley Operation having already lined up half of the funding it needs to build and operate the circuit, the government have agreed to provide additional money and necessary legislation.

According to the JoongAng newspaper, the significance of the ruling suggests that legislators 'have finally reached consensus over the impact' of hosting an F1 race.

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The circuit, which is already undergoing development south of the capital Seoul, was tipped to be included on the provisional 2010 Formula 1 calendar, but it didn't make an appearance.