Win a home theatre system worth R4000!

Stand a chance to win a home theatre system to the value of R4000 with Powerflow exhausts Sound of Summer giveaway.

Win a space trip with Land Rover!

Enter Land Rover's amazing competition that not only has a trip into space as first prize, but a Northern Cape getaway as second prize.

Korean GP racks up R324m loss

2012-11-21 14:52

LONG-TERM PAYOFF: The Korean GP may be bleeding funds but organisers are confident the race will have long-term benefits for the country.

kalahari.com

 
SEOUL, South Korea - The Korean Grand Prix racked up substantial operating losses in October 2012, the third year running it has finished in the red, but organisers say the race will bring long-term benefits to the country.

The South Korean race, first run in 2010, returned operating losses of the Rand equivalent of R324-million, reported race organisers.

One of nine Asian races on the 20-race 2012 Formula 1 calendar, the South Korean event also lost an estimated R445-million in 2010.

TRUMPED BY JAPAN

South Korean race organisers said: "It's hard to say what kind of impact the loss has on 2013. Although there are many concerns regarding the operating loss, the loss for a third straight year is only a short-term effect.

"In the long-term the F1 event will bring more benefits to the country. It will not only pave the way for South Korean car industries in the future but also help foster new industries."

The Yeongam circuit, 400km south of Seoul, has an initial contract of seven years, with a five-year option that could keep the race there until 2021.

The track has been plagued by problems, even before opening in 2010, when construction of the circuit was only just finished in time for its maiden race.

South Korean organisers have expressed dissatisfaction at the terms of their contract with F1, particularly over the cost of race-sanctioning fees.

However, their complaints have fallen on deaf ears with F1 chief executive Bernie Ecclestone. The last two Korean races have been won by Red Bull's Sebastian Vettel.

The problems facing South Korea's race contrast sharply to the success F1 enjoys in nearby Japan, where crowds of 120 000 fans are commonplace at Suzuka.

Suzuka press manager Yoshihisa Ueno told Reuters: "Compared to the boom years, things have become a little harder but we had 103 000 for race day in 2012."

"In 2011, with the (tsunami and nuclear) disaster, numbers were down but this year, operation-wise was a successful year."

The Japanese Grand Prix has been held at Suzuka almost exclusively since 1987, apart from 2007 and 2008 when it was held at Fuji Speedway.

NEXT ON WHEELS24X
Read more on:    fuji  |  reuters  |  sebastian vettel  |  south korea  |  japan  |  seoul  |  motorsport  |  racing  |  f1

Read Wheels24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Inside Wheels24

Force India: Let teams choose own tyres

Pirelli, earlier criticised for being too aggressive, is now taking flak for being too conservative. One team has suggested 'why not let teams choose' to spice-up Formula 1?

There are new stories on the homepage. Click here to see them.