Motor Racing - Korea to Get its Grand Prix

After already having made its debut in Japan and China in the recent years the world famous Formula One will finally come to Korea in 2010. The Formula One management and the Korea Auto Valley Operation (KAVO) reached an agreement on a contract and held an official signing ceremony on Oct. 2 at the Westin Chosun Hotel in Seoul, followed by a press conference. The ceremony was attended by Bernie Ecclestone, president and CEO of the F1 management, and Flavio Brigatore, chief of the Renault racing team, which won first position at the 2005 season Grand Prix.

KAVO has been founded as a joint venture between the provincial government of Jeolla Nam-do and the official Formula One promoter, M-Bridge Holdings. As stipulated in the contract, construction of the circuit in Yeongam will begin in July 2007 and is planned to be completed by the end of 2009.

Ecclestone reminded he has been planning to bring a Formula One Grand Prix to Korea for a long time already. The first step in this direction was made when he struck a deal in 1996 to bring the race to Korea sometime in the 1998-2002 period. But issues regarding construction of the assigned Sepung circuit postponed the arrival of Formula One in Korea. Indeed the construction never started and Ecclestone had to file a lawsuit against the company in charge of construction. Formula One management won the suit, receiving about $14 million as compensation. But Ecclestone is confident that this time the Grand Prix will be coming to Korea in 2010 because the new contract is supported by the Korean government and a new construction company.

The Formula One Grand Prix will be the third major world sport event coming to Korea, after having hosted the Olympic Games in 1988 and the soccer World Cup in 2002.