Korean Grand Prix organisers are seeking the help of Bernie Ecclestone to allow them to renegotiate their race contract terms in a bid to keep the event on the calendar.
Amid question marks about the future of the Yeongam GP, race promoter Won-Hwa Park has admitted that the event faces financial difficulties because of the huge hosting fee that had been agreed before he arrived in his current role.
With a fresh mandate from the South Jeolla provincial government to try and reduce costs, Mr. Park has said that the key factor going forwards is in trying to bring down the outgoings - which includes the race hosting fee.
According to local media, the cost for the race this year stands at £52 million - which includes a £35 million fee for hosting and television rights. The current deal with Formula One Management, which runs until 2016, includes a 10 per cent escalator for hosting rights over its duration.
With income from tickets estimated to be around £16 million, the venue is currently loss making unless financial support can be got from the national government.
Despite widespread speculation last weekend that the financial situation could mean Korea elects to drop its event off the calendar as early as next year, Park is determined to do what he can to keep the race going.
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