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SBD Global/October 15, 2012/Events and Attractions

Ecclestone Agrees To Change Contract To Save Korean F1 Grand Prix

Race organizers reached an agreement with F1 CEO Bernie Ecclestone to save the Korean F1 Grand Prix.
F1 CEO Bernie Ecclestone "agreed to change the contract" with operators of the financially struggling Korean F1 Grand Prix, according to Robert Seiwert of MOTORSPORT MAGAZIN. A weak infrastructure and empty grand stands "do not fit the glamorous F1 flair." Over and over again the Korean race, which made its F1 debut in '10, has been on the brink of being dropped from the F1 calendar due to financial difficulties. Grand Prix of Korea Promoter Park Won-hwa said, "I showed Mr. Ecclestone all our data. It took a while, but in the end he agreed to a changed contract." Park added: "We had to renegotiate, and I convinced him that Korea can't continue to organize the race with such a big financial loss. The event has to be sustainable for both parties." Despite the lack of interest of South Koreans, Park said that "it would be a strategical mistake to withdraw from this part of the world." Korea's contract with F1 runs until '16 (MOTORSPORT MAGAZIN, 10/12).
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