{"id":16737,"date":"2012-10-08T13:08:08","date_gmt":"2012-10-08T17:08:08","guid":{"rendered":"https:\/\/www.racinginfocus.com\/?p=16737"},"modified":"2012-10-08T13:08:08","modified_gmt":"2012-10-08T17:08:08","slug":"korea-gp-organisers-insist-f1-worthwhile-despite-loss","status":"publish","type":"post","link":"https:\/\/www.racinginfocus.com\/rif\/formula-1\/korea-gp-organisers-insist-f1-worthwhile-despite-loss\/","title":{"rendered":"Korea GP organisers insist F1 &#8216;worthwhile&#8217; despite loss"},"content":{"rendered":"<p>South Korea has indicated it could keep organising an annual grand prix.<\/p>\n<p><img loading=\"lazy\" class=\"ngg-singlepic ngg-left alignleft\" style=\"margin: 5px 10px;\" src=\"https:\/\/www.racinginfocus.com\/rif\/gallery\/f1-2012-rif-images\/f1-12-circuits\/kor-korea.jpg\" alt=\"kor-korea\" width=\"419\" height=\"328\" \/>Despite the Yeongam race only joining the F1 schedule in 2010 and having a contract through 2016, recent speculation suggested organisers are baulking at the financial losses.<\/p>\n<p>But organiser Park Jong-moon has been quoted by the Korea Times as saying losses from &#8220;big sports events&#8221; are &#8220;inevitable&#8221;.<\/p>\n<p>&#8220;Even the 1988 Seoul Olympics was a money-losing event, (but) it is worthwhile, considering other effects that were far greater than profit,&#8221; he said.<\/p>\n<p>Park also said Bernie Ecclestone has agreed not to charge the usual 10 per cent fee increase for the 2012 race, which is taking place this weekend.<\/p>\n<p>But the Korea Times report said two main sponsors of the grand prix have pulled out.<\/p>\n<p>&#8220;After reviewing our corporate image and alternatives, we decided not to take the main sponsor deal this year,&#8221; an official for POSCO, a Korean steel company, said.<\/p>\n<p><span style=\"color: #888888;\"><em>\u00a9 RIF | GMM<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korea has indicated it could keep organising an annual grand prix. Despite the Yeongam race only joining the F1 schedule in 2010 and having a contract through 2016, recent speculation suggested organisers are baulking at the financial losses. But organiser Park Jong-moon has been quoted by the Korea Times as saying losses from &#8220;big &#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0},"categories":[3],"tags":[59,5262,5340,4041,1282,4042],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/posts\/16737"}],"collection":[{"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/comments?post=16737"}],"version-history":[{"count":1,"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/posts\/16737\/revisions"}],"predecessor-version":[{"id":16738,"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/posts\/16737\/revisions\/16738"}],"wp:attachment":[{"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/media?parent=16737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/categories?post=16737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.racinginfocus.com\/rif\/wp-json\/wp\/v2\/tags?post=16737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}