Korea reaches new deal for reduced costs for Grand Prix

The future of the embattled Korean grand prix looks safe for now. The Korea Herald reports that organisers of the Yeongham event have reached a deal with Bernie Ecclestone to reduce the race fees.

Completing its bespoke circuit at the last minute, South Korea joined the calendar in 2010 but soon bemoaned the huge costs. Sunday's media report said organisers will save more than $20 million this year by successfully negotiating a reduced race commission and annual television license fee. The new deal will last until the end of Korea's race contract, in 2016.

The Korea Herald said organisers paid almost $40 million to Ecclestone's Formula One Management last year -- a 10 per cent rise on 2010. The new deal will see the 10 per cent increase scrapped, the report added. "With the successful negotiation, we'll be able to save a significant amount of money this year," said organiser Kang Hyo-seok. "It's a still difficult situation, but we're trying hard to improve it." (GMM)

Replies (0)

Login to reply

AZ Azerbaijan Grand Prix

Local time 

AZAzerbaijan Grand Prix

Local time 

Test calendar

See full test schedule

World Championship standings 2026

Show full world champion standings

Related news

Give your opinion!

Will Bottas challenge Hamilton for the world championship in 2020?

Formula 1 Calendar - 2026

Date
Grand Prix
Circuit
-
Spain
-
Bahrain
-
Bahrain
6 - Mar 8
Australia
13 - Mar 15
China
27 - Mar 29
Japan
10 - Apr 12
Bahrain
17 - Apr 19
Saudi Arabia
1 - May 3
United States of America
22 - May 24
Canada
5 - Jun 7
Monaco
12 - Jun 14
Spain
See full schedule

Formula 1 Calendar - 2026

Date
Grand Prix & Circuit
6 - Mar 8
Australia Albert Park
13 - Mar 15
27 - Mar 29
10 - Apr 12
17 - Apr 19
Saudi Arabia Jeddah Street Circuit
1 - May 3
United States of America Miami International Autodrome
22 - May 24
5 - Jun 7
Monaco Monte Carlo
12 - Jun 14
See full schedule
show sidebar