Crash.Net F1 News
Korean organisers seek revised deal
5 October 2013
The promoter of the Korean Grand Prix thinks it is '50/50' that the race will continue to feature on the F1 schedule in future amidst ongoing talk that the event could be dropped from the calendar.
The race at the Yeongam circuit has a contract through to 2016 with an option beyond that, but has only been listed as provisional on the 2014 calendar alongside the races in New Jersey and Mexico.
The circuit near Mokpo has failed to gain the support of the Korean public while the race has been running at a loss since being run for the first time back in 2010.
Despite that however, promoter Park Won-hwa said he was hopeful that the race would live on and that terms could be agreed with Bernie Ecclestone on a new deal that would actually extend the one currently in place.
"I do not think it's going to be the last one,” he told Reuters
. “We are eager to continue this event because we invest a lot of money to build this circuit," said the bespectacled Park in an interview at his office.
"Public opinion in Korea was very much against continuously holding this event because of a huge deficit. But now we are more or less stabilised financially and we would like to continue
"We don't know yet whether we can continue or not because we have to deal with Formula One Management. I do not know how it will end up.
"We want to renegotiate. Mr Ecclestone has his position, we have our position. Obviously the core issue is the money problem and we don't know if we can find a satisfactory solution or not. But I am very much hopeful because Mr Ecclestone is such a nice person and he knows our situation."
Park added that a renegotiated deal would make help to make the event more financially viable and would also go a long way towards increasing the amount of support there is from the Korean public as a whole.
"We certainly wish to improve the contract so that we can continue the event with the support of provincial parliament and the central parliament and public opinion," he said. "We could reduce the deficit very much. That's why public opinion has changed recently rather in favour of continuing the event."