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6 December 2013 - 11:33amThe Korean Grand Prix, which recorded an operating loss of tens of millions of won, was dropped from the 2014 calendar.
According to a revised calendar for the 2014 Formula 1 season released by the World Motor Sport Council on December 4 (local time), the originally proposed races in Korea, the US, and Mexico have been left out.
South Jeolla Province plans to hold a race again in 2015, but it does not appear to be easy. SEOUL, SOUTH KOREA29 April 2015 - 12:15pmCho Jin-youngBank of Korea governor Lee Ju-yeol mentioned that he is optimistic about the recovery of the Korean economy, although the pace is rather slow for now.

He also remarked that the second quarter will be a critical period in determining the sustainability of the economic recovery. The Korean Grand Prix’s accumulated deficit amounts to 191 billion won (US$180 million) from 2010 to 2013 so far. The reason for the difficulty lies in the fact that the effort to bring back the race will inevitably lose momentum, since the term of the current governor of the province will be over in June of next year. The failure to abide by the terms of the contract which states that the Formula One race shall be held in South Korea for 7 years is highly likely to lead to an international lawsuit.

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