South Korea optimistic about hosting a Grand Prix in 2010

South Korea has taken another step towards hosting a Grand Prix in the coming years. In early September, the organizers of KAVO (Korea Auto Valley Operation) declared that they had gathered half of the necessary budget for the construction and management of a circuit, which is already being developed south of Seoul.

According to the local daily JoongAng, other good news appeared this week via the national assembly of South Jeolla province, which reportedly provided government financial support. KAVO announced that legislators have finally reached a consensus regarding the impacts of an F1 race.

The government contribution would be $73 million and the necessary legislation to complete the construction of the circuit and organize an event.

With the approval for F1 validation and the construction of the circuit progressing beyond expectations, the dream of having an international motorsport circuit has become a reality for the communities and motorsport associations, rejoiced the executive director of KAVO, Young-Cho Chung.

«By maintaining solid cooperation with the government and with our support at the national level, we will do our best to make the 2010 Korean F1 Grand Prix an event of unprecedented success. »

However, despite the organizers’ enthusiasm, South Korea did not appear on the provisional calendar published by the FOM as part of the Belgian Grand Prix.