The organizers of the Korean Grand Prix have announced that the race was organized last month meant a loss of more than 28 million euro’s, 36 million dollars. The balance that makes these financial results is not entirely negative, as the first date that organized the Yeongam Circuit joined a negative balance amounting to almost 40 million euro’s, 50 million dollars.
Hard to understand how a race is organized by public money remains in the Formula 1 calendar, despite these huge losses, despite a plot that adds nothing and although the stands are filled with the opening of doors, allowing free access to the seats, not ticket sales. Therefore, do not understand that Korea is still visited by F1.
But far from thinking about leaving to organize a race in China still believe they can make it viable to an event that in three years it has accumulated a whopping 100 million euro’s in losses. The race organizers say the losses are only a short term effect and have a place on the Formula 1 calendar brings major benefits to the millions that are lost:
The losses for three consecutive years are only a short term effect. In the long run, the F1 event brings more benefits to the country. Not only paves the way for auto industries of South Korea in the future, but also helps the birth of new industries.
In short, money is still a key factor for Bernie Ecclestone and Formula 1 circus. No matter how bad you organize a Grand Prix, how boring this is, what are the stands empty or money you lose, you pay the British entrepreneur WHILE this will be happy and you will still have a gap.