Korea granted reduced F1 race fee by Ecclestone
18 March, 2012
Mar.18 (GMM) The future of the embattled Korean grand prix looks safe for now according to reports in the Korea Herald that organisers of the Yeongham event have reached a deal with Bernie Ecclestone to reduce the race fees.
Completing its bespoke circuit at the last minute, South Korea joined the calendar in 2010 but soon bemoaned the huge costs.
Sunday’s media report said organisers will save more than $20 million this year by successfully negotiating a reduced race commission and annual television license fee.
The new deal will last until the end of Korea’s race contract, in 2016.
The Korea Herald said organisers paid almost $40 million to Ecclestone’s Formula One Management last year — a 10 per cent rise on 2010.
The new deal will see the 10 per cent increase scrapped, the report added.
“With the successful negotiation, we’ll be able to save a significant amount of money this year,” said organiser Kang Hyo-seok.
“It’s a still difficult situation, but we’re trying hard to improve it.”