The Korean GP is held at the Korea International Circuit is a 5.62 km (3.49 mi) Herman Tilke designed circuit located near the port city of Mokpo. It is estimasted the cost of building the 135,000 capacity facility (including Tilke’s fee) was around $264 million (250 billion won). The promoters of the race are Korea Auto Valley Operation (KAVO – a joint venture between the mysterious M-Bridge Holdings and Jeollanam-do regional government) and the inaugural race in 2010 was close to being called off due to delays in construction.
Crowds in the past 2 years at the Korean Grand Prix have hardly been significant in their absence. Empty grandstands and comments about no atmosphere at the circuit from TV reporters hardly substantiate the organisers claim to have sold 85,000 tickets last year. Even if we believe this exaggerated figure when compared to the venue’s 135,000 capacity, this indifference from the Korean public is not really helping the organisers financial woes. The Korean Times in its article “is it worth the tax payers money” tells us the local government will lose $60m every time they hold the race.
