Korean GP loses over $35 million

Korean Grand Prix organisers have announced losses of over $35 million in the third running of the event last month.

The country joined the Formula 1 calendar for the 2010 season, when it lost around $50 million, and this year the operating losses have been 39.4 billion won ($36.4 million).

Korean GP bosses said last year they were seeking renegotiate its GP contract in a bid to keep the event on the calendar following doubts over its future.

The country has a seven-year contract and is scheduled to host the 15th round of the 2013 season in October.

Organisers, however, are confident that the event will be viable in the long run.

"It's hard to say what kind of impact the loss has on next year," Korean race organisers told Reuters.

"Although there are many concerns regarding the operating loss, the loss for a third straight year is only a short-term effect.

"In the long-term the F1 event will bring more benefits to the country. It will not only pave the way for South Korean car industries in the future but also help foster new industries."