Korean GP records $36m loss on 2012 event

HRT F1 Team

21 November 2012 by Ryan Wood

The 2012 Korean Grand Prix made losses of $36.4 million the event's organisers have announced.

This year's race was the third running of the event, all three of which have made deep losses - though last month's was the lowest so far when compared to 2010 which racked up over $50 million of debt.

The country has a seven-year deal to host F1 which the organisers are keen to renegotiate in order to stem the losses and eventually make the race profitable.

"It's hard to say what kind of impact the loss has on next year," a spokesperson told Reuters.

"Although there are many concerns regarding the operating loss, the loss for a third straight year is only a short-term effect.

"In the long-term the F1 event will bring more benefits to the country. It will not only pave the way for South Korean car industries in the future but also help foster new industries."