Korean F1 Grand Prix committed to event's 'long-term' benefits

Organisers of the Korean Formula One Grand Prix have insisted that the race will bring long-term benefits to the country despite generating a loss of $36.4 million this year.

The event organisers told Reuters that this year's race, which took place on 14th October, was the third in a row to generate an operational loss. The Yeongam circuit, situated 400 kilometres south of Seoul, opened just in time for its maiden race in 2010 after a string of construction delays and has an initial contract of seven years to host an F1 race, with an optional five-year extension that could keep the event on the calendar until 2021.

In a statement the organisers explained "it's hard to say what kind of impact the loss has on next year.

"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 South Korean race's Press Manager Yoshihisa Ueno added "compared to the boom years, things have become a little harder but we had 103,000 for race day this year. Last year with the (tsunami and nuclear) disaster, numbers were down but this year, operation-wise was a successful year."

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