F3 race in Korea canceled over uncertain management

A British firm managing a third-tier open-wheel formula racing circuit has scrapped a South Korean event scheduled for later this year, citing lingering uncertainty surrounding South Korean organizers.

The Motor Race Consultants (MRC), which oversees the Formula Three (F3) series, notified the Korea Automobile Racing Association (KARA) of the decision on Thursday, according to KARA officials Friday. The KARA handles international auto races in South Korea.

F3 is considered a stepping stone for hopefuls for F2 or even F1, the world's premier open-wheel circuit.

The South Korean stop, titled F3 International Trophy Korea, had first been scheduled for November last year. Korea Auto Valley Operation (KAVO), a joint venture between a private firm and South Jeolla Province in the southeastern part of the country, postponed the race to November of this year after inspectors raised questions about safety of some facilities.

The KAVO had run South Korea's first F1 Grand Prix on the new track in Yeongam, South Jeolla Province, last October. The F3 race would have been held on the same venue.

According to the KARA, Barry Bland, director of the MRC, wrote that the November cancellation of the F3 race led to "huge financial damage" to F3 teams, their drives and their sponsors.

Bland also said he would seek "a legal consultation" to recover these losses unless compensation is offered soon.

The KAVO itself has been in limbo following the F1 race. Its board of directors voted in January to fire chief executive Chung Young-cho for lax management. The move came less than a month after South Korean inspectors launched a probe into KAVO for delayed preparation on F1 and for sloppy marketing and race operations.

The F1 Grand Prix here came under fire for construction delays on the racing track, which was only completed two weeks prior to the big event and approved by the International Automobile Federation (FIA) just 10 days before the race.

Chung has since launched a legal battle to void the KAVO's decision. Bland said he no longer trusts the province and that the F3 race won't be held in South Korea unless he can work with trustworthy staff.

In a statement, the KARA said the MRC's decision could affect Yeongam's efforts to host other international racing, and that it would try to minimize adverse impacts.

The KAVO is under a seven-year deal with F1, plus a five-year option, and has another seven-year deal with MRC to run the F3 event on the same track. (Yonhap)