Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

S.Korea F1 Grand Prix stuck in the red  Join our daily free Newsletter

MENAFN - AFP - 21/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) October's South Korean Grand Prix was hosted at a loss of 36 million dollars, organisers said on Wednesday, raising questions over the future of the event which has been in the red since its inception in 2010.

The only positive sign for organisers was that the 2012 version of the Formula One race haemorrhaged less cash -- 39.4 billion won (36.3 million) -- than the previous two.

The first race in 2010 ran an operating loss of 72.6 billion won, while last year's event showed a 61 billion won deficit.

Although the event receives some central funding, the bill is largely born by the taxpayers of South Jeolla province in the country's southwest, where the annual race is held at the Yeongam circuit.

"Just because the loss was reduced... I am not sure we can call this year's race a success," Seo Dong-wook, a member of the South Jeolla council, told Yonhap news agency.

"We will need to take some fundamental steps to change it," Seo said.

After the 2011 Korean Grand Prix, the organising committee warned it could be forced to drop the event because of losses, although Formula One boss Bernie Ecclestone at the time ruled out a cheaper contract.

Negotiations did eventually lead to some concessions, but not enough to bring the event into the black.

The organisers' original agreement with Formula One runs until 2016 with an option to extend for five more years.

High costs have caused friction for several hosts of Formula One, which has expanded aggressively from its traditional European domain with seven races now in the Asia-Pacific region.

Promoters argue that the longer-term benefits in terms of increased tourism and improved nation-branding outweigh the direct financial losses.


 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help