The Korean Grand Prix’s organizers have warned that the loss-making event is under threat of cancellation unless Formula One Management Ltd. and Bernie Ecclestone give them a cheaper contract. Promoter Park Won-Hwa said the GP, held at Yeongam in rural South Jeolla, posted a “big financial loss” and was unpopular with the local community since joining the glitzy Formula One circuit last year. Park told Autosport magazine that South Korea was keen to keep its GP, but said the event’s future depended on whether Ecclestone would let them negotiate a new (presumably much cheaper) deal.
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