Korean Grand Prix Struggling Financially

Organisers of the Korean F1 Grand Prix have to revive its finances after two of the race’s main sponsors have withdrawn leaving an alleged deficit of $27m.

Last year, the race lost $54m. The contract to hold the F1 competition runs until 2016, but its future remains uncertain.

A senior official from the organising committee defended the grand prix, saying its “long-term effects are more important than its bottom line.”

Korean F1 Grand Prix Organizing Committee Secretary General, Park Jong-moon, said: “Having worked in the sports industry for more than 30 years, I learned that operating a big sports event at a loss is inevitable. Even the 1988 Seoul Olympics was a money-losing event. It is worthwhile, considering other effects that were far greater than profit.”{jcomments on}