Korean Grand Prix Struggling Financially

By Community | October 8, 2012

Organisers of the Korean F1 Grand Prix have to revive its finances after two of the race’s main sponsors have withdrawn leaving an alleged deficit of $27m.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