More losses registered for Korean Grand Prix
21 November 2012 – Organisers of the Korean Grand Prix have confirmed that the Yeongam event has once again made losses. This year’s race, won by Sebastian Vettel, was the third on a seven-year contract which runs up to and including the 2016 season.
Although 2016 has been confirmed as the last F1 date for Korea under its current deal, the race could remain until 2021 if it proves to be successful. For the time being, this year’s fixture returned operating losses of 39.4 billion won (£22.8m).
“It's hard to say what kind of impact the loss has on next year,” race organisers told Reuters. “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.”
Vettel’s 2012 win was his second in the Republic, but the inaugural race was wrapped up by Fernando Alonso and darkness had almost fallen when the chequered flag flew.