OCTOBER 2, 2006
South Korea confirms
As we reported last week, Bernie Ecclestone flew off to South Korea after the Chinese Grand Prix and on Monday was in Seoul to sign a seven-year contract for there to be a Formula 1 Grand Prix at the planned "Korean International Circuit" in the south western province of South Cholla. If all goes to plan - and it does not always in South Korea - the first such race should be in 2010. The deal includes a five-year option to extend the event until 2021.
There have been a number of attempts to stage a Grand Prix in Korea but to date all of them have failed. In this case we believe that the Koreans are serious as Ecclestone insists on some substantial financial guarantees on such deals and time-wasters are not going to be able to find that kind of money.
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