South Korea likely on the 2010 calendar!

South Korea, which still hopes to host its first Formula 1 race next year, received a boost this week from the government as it has just passed a law approving the financing of the Grand Prix. Even though the South Korean event is not on the provisional calendar presented to the teams a few days ago, the country continues its ambition to host a Grand Prix.

And its preparations have moved up a gear after Seoul’s ruling national party adopted an F1 Law this week, which supports the construction and management of the track as well as financial support from the administration.

This law means that the government will be able to fund any potential budget deficit for building the track, with finances having so far been raised through private investments.

Young-Cho Chung, CEO and promoter of Korea Auto Valley Operation stated: « With the adoption of the F1 Law and the construction of the circuit which is progressing at a faster rate, the dream of having an international circuit has become a reality for the Motor Sports community. By maintaining strong cooperative relations with the government and with the support of the entire nation, we will do our best to make the 2010 South Korean F1 Grand Prix an unprecedented success. »