The FIA has approved the new F1 circuit in Yeongam in a move which will allow the Korean Grand Prix to go ahead as planned.

Speculation for weeks has suggested that the venue wouldn't be ready in time for the race on 24 October, which led to rumours that the event may need to be cancelled at the last minute.

However, FIA safety delegate Charlie Whiting has now completed a two-day inspection of the circuit, which has resulted in the necessary licence being granted which will allow the race to take place.

"It is satisfactory," he said in a statement issued by the race organisers. "I will issue the licence through (ANS) KARA."

While it remains to be seen what impact the late nature of the licence being granted will have on attendances, race promoter Yung Cho Chung said he felt the first running of the Korea GP would lead to huge interest in the sport from the Korean nation.

"We are delighted that all works are now finished to the complete satisfaction of the FIA, and we join the whole of Korea in welcoming the Formula 1 fraternity to the Korea International Circuit for the first time," he said. "The KIC has been constructed to the highest standards, and will become the epicentre of motorsport in the country.

"We believe the 2010 Formula 1 Korean Grand Prix will be the catalyst to ignite enormous interest in the sport across the nation.

"The FIA has played a crucial role from the very beginning, and provided enormous support in terms of expertise, advice and knowledge. [Promoter] KAVO has benefitted greatly from the FIA's tremendous experience, and we are grateful for their guidance."

The Korean GP will run on a 5.615km circuit including elements of a street circuit, while the venue also includes a shorter permanent circuit of just over 3km.

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