Korean GP posts a loss of $36 million in 2012
Organisers confident race will bring long-term benefits
Last Updated: 21/11/12 10:07am
Korean race made a loss for third year running
Korean Grand Prix organisers say the event will bring long-term benefits to the country - despite the race making a loss of $36 million this year.
The event is yet to post a profit since being introduced to the calendar as part of F1's expansion into Asia - 2010's race lost an estimated $50 million and that increased to a reported $56 million the following year.
The race has been plagued by a lack of accommodation and poor attendance, whilst the track was barely finished in time for the inaugural Grand Prix and speculation has mounted that it could be dropped from the F1 calendar.
However, organisers say that the losses are only a short-term problem.
"It's hard to say what kind of impact the loss has on next year," race organisers said.
"Although there are many concerns regarding the operating loss, the loss for a third straight year is only a short-term effect.
"In the long-term the F1 event will bring more benefits to the country. It will not only pave the way for South Korean car industries in the future but also help foster new industries."