The Formula One Grand Prix will not take place in Korea next year. The Fédération Internationale de l'Automobile (FIA), which manages F1 races, in a meeting in Paris on Wednesday excluded Korea, Mexico and the U.S. state of New Jersey from the 2014 F1 calendar.
The Korean Grand Prix had a deal to host the race from 2010 to 2016, but the events so far were decidedly lackluster and plagued by problems such as inadequate accommodation and inconvenient transportation, making it likely that there will be no more races here.
Due to financial difficulties, the Korean organizing committee cut operating costs to US$27 million, and asked the FIA to further reduce the cost to $20 million for next year. This went nowhere, and instead they discussed holding the race in April, when the cost is relatively low.
"Considering that the accumulated deficit has reached over W180 billion (US$1=W1,060), the deficit will grow if we host the race so soon after the one in October," said Park Joon-young, governor of South Jeolla Province and organizing committee chairman. "We negotiated with the FIA to lower operating costs or delay the race for at least six months, but we reached no agreement."
The committee still hopes to stage the F1 race again in 2015. "We will continue to talk with the FIA," Park said, but pundits hold out little hope.