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Korea GP organisers insist F1 'worthwhile' despite loss

  • Published on 08 Oct 2012 16:08
  • comments 0
  • By: Rob Veenstra
South Korea has indicated it could keep organising an annual grand prix. Despite the Yeongam race only joining the F1 schedule in 2010 and having a contract through 2016, recent speculation suggested organisers are baulking at the financial losses.

But organiser Park Jong-moon has been quoted by the Korea Times as saying losses from "big sports events" are "inevitable". "Even the 1988 Seoul Olympics was a money-losing event, (but) it is worthwhile, considering other effects that were far greater than profit," he said. Park also said Bernie Ecclestone has agreed not to charge the usual 10 per cent fee increase for the 2012 race, which is taking place this weekend.

But the Korea Times report said two main sponsors of the grand prix have pulled out. "After reviewing our corporate image and alternatives, we decided not to take the main sponsor deal this year," an official for POSCO, a Korean steel company, said. (GMM)

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Formula 1 Calendar - 2023

Date
Grand Prix
Circuit
-
Bahrain
3 - Mar 5
Bahrain
17 - Mar 19
Saudi Arabia
31 - Apr 2
Australia
28 - Apr 30
Azerbaijan
5 - May 7
United States of America
19 - May 21
Italy
26 - May 28
Monaco
2 - Jun 4
Spain
16 - Jun 18
Canada
30 - Jul 2
Austria
7 - Jul 9
United Kingdom
21 - Jul 23
Hungary
28 - Jul 30
Belgium
25 - Aug 27
Netherlands
1 - Sep 3
Italy
15 - Sep 17
Singapore
22 - Sep 24
Japan
20 - Oct 22
United States of America
27 - Oct 29
Mexico
3 - Nov 5
Brazil
17 - Nov 19
United States of America
24 - Nov 26
United Arab Emirates
See full schedule

Formula 1 Calendar - 2023

Date
Grand Prix & Circuit
3 - Mar 5
17 - Mar 19
Saudi Arabia Jeddah Street Circuit
31 - Apr 2
Australia Albert Park
28 - Apr 30
Azerbaijan Baku City Circuit
5 - May 7
United States of America Miami International Autodrome
19 - May 21
26 - May 28
Monaco Monte Carlo
2 - Jun 4
16 - Jun 18
30 - Jul 2
Austria Red Bull Ring
7 - Jul 9
United Kingdom Silverstone
21 - Jul 23
Hungary Hungaroring
28 - Jul 30
25 - Aug 27
Netherlands Circuit Zandvoort
1 - Sep 3
Italy Monza
15 - Sep 17
22 - Sep 24
20 - Oct 22
United States of America Circuit of the Americas
27 - Oct 29
3 - Nov 5
Brazil Interlagos
17 - Nov 19
United States of America Las Vegas Street Circuit
24 - Nov 26
United Arab Emirates Yas Marina Circuit
See full schedule
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