The reason why the Korean International Circuit still looks like a building site...

[Brogan]

...and hasn't had any work done on it since last year's race.

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.

How much longer can this go on?

New circuit is built at huge expense.
Circuit is added to the calendar.
Circuit goes bankrupt.
Circuit is removed from the calendar.
New circuit is built at huge expense.
Circuit is added to the calendar.
Circuit goes bankrupt....

http://www.autosport.com/news/report.php/id/95498

 

[FB]

They must have done the maths before they signed the contract with FOM? All the time some silly sod is prepared to build a circuit and throw money in the direction of FOM so circuits will continue to come and go as different individuals and governments see F1 as a way to show off their nation without worrying about the soul of the sport. Is the situation in Korea similar to Turkey in that very little other racing takes place other than that sanctioned by one of Bernie's companies?

Remains to be seen what happens when the little feller either retires or croaks, maybe things will go full circle and we'll end up with the same circuits as 1980. As Arsene Wenger pointed out a little while ago "the grave yards are full of irreplaceable people" - words which Mr Ecclestone would be wise to heed, although I suppose running FOM is more of a hobby for him these days rather than a job.

 

[Bill Boddy]

I was surprised when one of the presenters on tv said that there were no support races. What on earth do spectators do between arriving in the circuit at 7 am and the race at 2pm?

 

[KekeTheKing]

Just wait until 2026 when the first Korean World Champion is crowned. That would have never happened without this race. Think of it in those terms.

Seriously though, this cycle will continue indefinitely until the global monetary supply runs dry or they simply run out of countries to conquer. Which is to say, a while....

 

[Road of Bones]

I was surprised when one of the presenters on tv said that there were no support races. What on earth do spectators do between arriving in the circuit at 7 am and the race at 2pm?

Eat hot dogs?

 

[Bill Boddy]

Presumably Chow Chows.

 

[landogeorgelewis1]

I had wondered why it still looked the way it did. Last year i was told that their was gonna be hotels and appartments built around the circuit to give it thats City feel. I guess this is one of those if you can't produce the money then don't bid for a race. Simples!

 

[Road of Bones]

I can see Korea getting dropped in favour of Sochi frankly. It's not a bad circuit, but the surroundings are rather sterile, and for the teams to return to year-old food in the fridges and 2010 champagne-corks on the podium just seems wrong somehow.

I think this cycle will fall away once his Eccleship finally shuffles off this mortal coil, and sense will finally prevail (which means that Valencia, Barcelona and Bahrain will be dropped, Aragon and/or Portimao introduced, and Hermann Tilke will be pensioned off).

 

[landogeorgelewis1]

I think F1 needs to stay a global brand, but the amount of races outside of Europe out weights those that are in Europe for the first time ever. I think 5/6 races in Asia, 9/10 in Europe, 2/3 in North and South America is all we need on a calendar. I can see alot of teams getting fed-up with all the traveling and would eventually breakaway and build a super series in Europe.

 

[Enja]

Off topic but whenever I read the word 'Sochi', I don't think Russia, I think Korea. Odd, that.

Back on topic and I agree it's becoming farcical. Right now I wouldn't be surprised if most of the circuits on the calendar were trying to renegotiate a deal, certainly we know that Spa, the two German tracks, etc have problems keeping payments.

It's sad that the greed of one man and his employers disrupts what is a refreshingly global, in the true sense of that word, sport. There are many places that should have an F1 circuit before the ones that have, but I think we've seen Mr. E go too far down the rabbit hole to climb back up.

 

[cider_and_toast]

It's the classic story of "book them and they will come". I think every country who wants to host a GP gets blinded by all the razzle dazzle so they lose sight of the fact that you can get as many of the prawn sandwhich brigade in through the door as you like but the real money comes from the 60, 70 or 80 thousand (or sometimes more) punters who come through the door.

You only have to look at Silverstone on a Friday and see how full the grandstands are then compare that with Korea on raceday.

Also of course, they are in the main trying to charge the same price for a ticket at Silverstone as they are in Korea and that just isn't going to work.

As for the cycle of pay, host, bust, pay, host, bust. You'll notice that FOM/CVC/Bernie always gets the pay bit while the host and bust bit is always at the expense of the circuit organisor and their backers. So as far as that goes, it will go on and on while Bernie makes his money.

 

[Slyboogy]

I struggle to think of that any of the track that makes profits, apart from Monaco, maybe Silverstone and Monza with the crazy fans.

 

[Speshal]

Also of course, they are in the main trying to charge the same price for a ticket at Silverstone as they are in Korea and that just isn't going to work. .

Slightly OT but I don't think that's the case - the UK GDP per capita is $34,920 - The average GDP for South Korea is $29,835 - so not too much difference.

Cheapest ticket I could find for Korea is €113 (Fri-Sun) - Same for Silverstone for next year is €208

 

[cider_and_toast]

Slightly OT but I don't think that's the case - the UK GDP per capita is $34,920 - The average GDP for South Korea is $29,835 - so not too much difference.

Cheapest ticket I could find for Korea is €113 (Fri-Sun) - Same for Silverstone for next year is €208

I stand, or in this case as I type this, sit, corrected.

Cheers Spesh.

 

[Bill Boddy]

The reason tickets in Korea are cheaper than those at Silverstone is that no-one wants to go to Korea. It would be intersting to see how few of the spectators were Korean.