Korean Grand Prix
The Korean Grand Prix, which recorded an operating loss of tens of millions of won, was dropped from the 2014 calendar.
According to a revised calendar for the 2014 Formula 1 season released by the World Motor Sport Council on December 4 (local time), the originally proposed races in Korea, the US, and Mexico have been left out. The Korean Grand Prix, which was scheduled to be held for 7 years starting in 2010, has ended three years early.
One of the problems is that the Korea International Circuit (KIC) is located in Yeongam, South Jeolla Province, which lies about 360 km south of Seoul.
However, the biggest problem is money. The Korean Grand Prix’s accumulated deficit amounts to 191 billion won (US$180 million) from 2010 to 2013 so far. The mounting deficit is due to the fact that it does not have any sponsors, although a revision to the Special Act on F1 that specifies the legal basis for the government’s support for the F1 was passed by the National Assembly at a plenary session this year.
South Jeolla Province plans to hold a race again in 2015, but it does not appear to be easy. The reason for the difficulty lies in the fact that the effort to bring back the race will inevitably lose momentum, since the term of the current governor of the province will be over in June of next year. Besides, candidates for governor and local people all have a rather negative view about hosting the event.
Nevertheless, opting out of the Grand Prix contract does not seem probable. The failure to abide by the terms of the contract which states that the Formula One race shall be held in South Korea for 7 years is highly likely to lead to an international lawsuit.