Korea remains committed to the sport and will bid to try and re-gain its place on the FIA F1 World Championship schedule in 2015.

The event at the Korea International Circuit in Yeongam was included on the provisional 22-race line-up for 2014. However it dropped off the ratified version issued this week after a meeting of the FIA's World Motor Sport Council in Paris. It was one of three races that fell by the wayside - along with New Jersey and Mexico.

Although organisers admitted back in October that the chances of the event running in 2014 were only 'fifty-fifty', it seems the attraction of the sport remains.

"F1 is the future of our province," Park Joon-Yung, governor of the southern province of South Jeolla told reporters. "We will make steady efforts to achieve our goal, even though the race will not be held there next year."

Korea hosted its first F1 race back in 2010, but it has never attracted a sizeable crowd and was always run at a loss - losing around 170 million won ($160 million) in 2010, 2011 and 2012. This year it is estimated to have lost around 18 million won.