Bernie Ecclestone firm on terms, Korean Grand Prix faces axing in future – Formula 1 news
Formula 1 boss Bernie Ecclestone has said that he is not willing to give any leverage in terms of the hosting fee to Korean Grand Prix, and is not very positive at the possibility of future events in the coming years.
A report in Autosport mentioned that the race promoter for Korean Grand Prix, Won Hwa was hoping to renegotiate the terms of the hosting fee with Ecclestone as they were not able to make the event profitable since it was first introduced in 2009. Hwa was
looking to change one particular clause in the contract, which would see the hosting fee increase 10 percent each year.
However, Ecclestone had a different view on the matter and said, “It took long enough to negotiate [with] them in the first place. Lots of things in life you can't afford. You don't have to have them.”
He further added that in the promotion of the event he (Hwa) “didn't really get behind it” and admitted he was disappointed as it was “a big enough effort to get it on in the first place.”
The Korean Grand Prix did not receive a warm welcome from the local fans either as there were quite a few empty stands in the 2011 Grand Prix. It was also being criticised that at a time of such economic downturn, investing such a heavy budget towards the
event is ludicrous, as it can easily be utilised for the local issues.
Another issue was raised by the local farmers of the Yeongam area, who had to give up land for the development of the circuit. They had been protesting for a better compensation, which is quite similar to the situation in Greater Noida, India, where the
first Indian Grand Prix is about to take place at the newly developed Buddh International Circuit.
How the Korean Grand Prix fate is settled, still remains to be seen. It might matter a lot on how the Indian Grand Prix turns out to be and if it faces similar issues, Ecclestone might find himself in some pressure to provide some leniency over the terms
of the contract.
The Indian Grand Prix is set to take place this Sunday, October 30, 2011.
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