Five Countries That Need F1 Races
By Alex Herbst
South Korea
One of the short-lived, and more trouble-prone, races in F1 history was the Korean Grand Prix. However, if those issues can be overcome, and cooler heads prevail, then another race in Asia could be a success for a region that is widely considered key to the future of auto racing.
From 2010 to 2013, the Korean Grand Prix ran at the purpose-built Korea International Circuit. Three out of the four races were won by Red Bull Racing with Sebastian Vettel, with the final event going to Scuderia Ferrari and Fernando Alonso. Ultimately, lack of funding is what did in this race, as the high price for hosting a race led to large losses in each of the Grands Prix held. In fact, despite a reduction in the sanctioning fee for the race starting in 2013, the event lost over $20 million in the following two iterations.
The big sticking point for this event has been the fee associated with hosting F1 at the track. With no governmental support for the race, the promoters are responsible for paying a multi-million dollar sum to host the world championship. Without funding, the race cannot be held. Because of this lack of dollars (or Won in this case), many consider the Korea International Circuit a gratuitous waste of money.
While the future of the Korean Grand Prix on the F1 schedule is cloudy at best, the auto industry in South Korea could be key to its revival. Should a Korean manufacturer like Hyundai or Kia get involved in the track itself, or less likely in Formula One, then that cash flow could help bring the world’s top racers back to the Korean peninsula.