Korea's chances of staying on the F1 schedule next season are 'fifty-fifty', the promoter of the event has said.

Twelve months ago Korea extended its contract with FOM (Formula One Management) through to 2016 after negotiating a more favourable rate with F1 ringmaster Bernie Ecclestone.

However, despite that, the event was one of three races listed as 'provisional' on the F1 2014 calendar published by the FIA last week, following the latest meeting of the WMSC. Furthermore, race promoter Won-Hwa Park, has said there is a need to negotiate again with Ecclestone...

"We want to improve the current contract with Formula One Management. We are still negotiating with Mr Ecclestone. We wish to have a satisfactory conclusion with Mr Ecclestone," Park told Sky Sports News ahead of this weekend's race in Yeongam, the 14th round in the 2013 F1 World Championship.

"I would say fifty-fifty," he replied, when asked about the chances of the event continuing post-2013, "but we are very much firm in continuously holding this event."

Park also added that the idea of it becoming a night race is also something that the promoters would consider: "It's a great idea. We'd be glad to consider to hold it as a night race with certainly better conditions from Mr Ecclestone. This circuit is far from downtown so we do not have any noise problem," he stated.

Korea hosted its first F1 race back in 2010, but has yet to attract sizeable crowds and it continues to be run at a loss.


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