Korea Secures Funds for F1 Grand Prix

Korea's debut in Formula One might have sounded like a story hard to believe earlier this year, but that story is on its way to becoming reality according to recent reports from Seoul. It seems the fund-raising process for the building of the track is going ahead as planned and, although not present on the leaked 2010 calendar, Korea might sign a deal for 2011.

The Koreans' optimism emerged from an official announcement issued by the very company which organizes the Seoul track-building process – Korea Auto Valley Operation (KAVO) – and confirms that more than half of the necessary funding for building and operating the track has already been secured.

That means that the construction companies can keep focusing on the track – located south of Seoul – without having to worry about the lack of funds. In addition, it seems the Korean politicians have also stepped in to give KAVO a hand in securing the future of the project, via a bill to provide support for the organizers. This latest reports was issued by the JoongAng daily.

It seems the aforementioned bill has unblocked the plans for the Korean track, as it insured the finalization of the project. According to the aforementioned Korean newspaper, the bill will provide the organizers with $73 million – including the necessary legislation – in order to make sure the track will be up and ready in due time.

Bernie Ecclestone is yet to even mention Korea as part of his plans for the future of Formula One, as he is currently focused on bringing back Canada on the F1 map. However, the F1 supremo will more than likely look positively to such a prospect.

In late March, KAVO unveiled a basic Brand Identity for the upcoming Korean Grand Prix, then believed to be part of the F1 calendar in 2010.