user icon
icon
link-icon
<< Return to the news list
Korea GP organisers insist F1 'worthwhile' despite loss

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)
F1 News

Replies (0)

Login to reply

BE Grand Prix of Belgium

Local time 

BEGrand Prix of Belgium

Local time 

World Championship standings 2024

Pos
Team
Points
1
Red Bull Racing
195
2
Ferrari
151
3
McLaren
96
4
Mercedes
52
5
Aston Martin
40
6
Visa Cash App RB
7
7
Haas F1
5
Show full world champion standings

Test calendar

Bahrain International Circuit - Winter testing

See full test schedule

Related news

Give your opinion!

Will Bottas challenge Hamilton for the world championship in 2020?

Formula 1 Calendar - 2024

Date
Grand Prix
Circuit
-
Bahrain
29 - Mar 2
Bahrain
Bahrain International Circuit
7 - Mar 9
Saudi Arabia
Jeddah Street Circuit
22 - Mar 24
Australia
Albert Park
5 - Apr 7
Japan
Circuit Suzuka
19 - Apr 21
China
Shanghai International Circuit
3 - May 5
United States of America
Miami International Autodrome
17 - May 19
Italy
Autodromo Enzo e Dino Ferrari
24 - May 26
Monaco
Monte Carlo
7 - Jun 9
Canada
Gilles Villeneuve
21 - Jun 23
Spain
Circuit de Catalunya
28 - Jun 30
Austria
Red Bull Ring
5 - Jul 7
United Kingdom
Silverstone
19 - Jul 21
Hungary
Hungaroring
26 - Jul 28
Belgium
Spa-Francorchamps
23 - Aug 25
Netherlands
Circuit Zandvoort
30 - Sep 1
Italy
Monza
13 - Sep 15
Azerbaijan
Baku City Circuit
20 - Sep 22
Singapore
Marina Bay Street Circuit
18 - Oct 20
United States of America
Circuit of the Americas
25 - Oct 27
Mexico
Autodromo Hermanos Rodriguez
1 - Nov 3
Brazil
Interlagos
22 - Nov 24
United States of America
Las Vegas Street Circuit
29 - Dec 1
Qatar
Losail International Circuit
6 - Dec 8
United Arab Emirates
Yas Marina Circuit
See full schedule

Formula 1 Calendar - 2024

Date
Grand Prix & Circuit
-
Bahrain Bahrain International Circuit
29 - Mar 2
Bahrain Bahrain International Circuit
7 - Mar 9
Saudi Arabia Jeddah Street Circuit
22 - Mar 24
Australia Albert Park
5 - Apr 7
Japan Circuit Suzuka
19 - Apr 21
China Shanghai International Circuit
3 - May 5
United States of America Miami International Autodrome
17 - May 19
Italy Autodromo Enzo e Dino Ferrari
24 - May 26
Monaco Monte Carlo
7 - Jun 9
Canada Gilles Villeneuve
21 - Jun 23
Spain Circuit de Catalunya
28 - Jun 30
Austria Red Bull Ring
5 - Jul 7
United Kingdom Silverstone
19 - Jul 21
Hungary Hungaroring
26 - Jul 28
Belgium Spa-Francorchamps
23 - Aug 25
Netherlands Circuit Zandvoort
30 - Sep 1
Italy Monza
13 - Sep 15
Azerbaijan Baku City Circuit
20 - Sep 22
Singapore Marina Bay Street Circuit
18 - Oct 20
United States of America Circuit of the Americas
25 - Oct 27
Mexico Autodromo Hermanos Rodriguez
1 - Nov 3
Brazil Interlagos
22 - Nov 24
United States of America Las Vegas Street Circuit
29 - Dec 1
Qatar Losail International Circuit
6 - Dec 8
United Arab Emirates Yas Marina Circuit
See full schedule
show sidebar