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Losses push Korea GP to brink

2011-10-28 07:56

NO DISCOUNTS: Bernie Ecclestone refuses to renegotiate Korea's GP contract as the race's organisers struggle with losses.

 
GREATER NOIDA, India - Formula 1 supremo Bernie Ecclestone has ruled out a cheaper deal for the Korean F1 GP, casting doubt over the race, which only had its debut in October 2010.

Ecclestone flatly refused South Korea's request to renegotiate the race contract, which has several years to run, despite threats the organisers would be forced to drop the event because of its large financial losses.

"It took us long enough to negotiate with them in the first place," Ecclestone told reporters in Greater Noida, ahead of the inaugural Indian GP. "There are lots of things in life you can't afford, and you don't have to have them."

UNPOPULAR AMONG LOCALS


Ecclestone was responding to comments from promoter Park Won-Hwa, who said the future of the Korean race, which held its second edition this month, was under threat without a new deal.

"We are trying hard, but we need the co-operation of Bernie Ecclestone. We certainly want to continue with this event because it is a big event, even though we have losses," Park told Autosport magazine.

He said the race had also proved unpopular with locals in Yeongam, a farming community in rural South Korea, who would prefer to see the money spent in other ways.

Stay with Wheels24 for the F1 weekend.

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