Park vows success of 3rd Korean GP

By Cho Mu-hyun

The local organizer of the Korean Formula One Grand Prix celebrated Wednesday at a party to launch this year’s efforts to make the race a success.

At the party attended by sponsors and various media outlets, the head of the local organizer and South Jeolla Province Governor Park Joon-young promised “great success” for this year’s race and asked for the backing of the supporters.

“Formula One can become the best international competition Korea can host with your support,” said the 65-year-old Park.

“Korea has developed into the 12th wealthiest nation in the world. Formula One in Korea is proof of that reality and the event will promote the image of the nation further,” he added.

This year’s grand prix in October in Yeongam, South Jeolla Province will be the third time the nation has hosted one of the largest sports events in the world. The season will consist of 20 rounds, with the 16th being held at the Korean International Circuit from Oct. 12 to 14. A total of 24 drivers are expected to enter the competition, including last year’s winner Sebastian Vettel of Red Bull.

The season opener took place in Australia on March 15 and the second race was held in Malaysia Sunday. The next race is in China on April 13, and the season continues until November where the last grand prix is planned for Brazil.

Though last year was noticeably better that the 2010 Korean Grand Prix with 80,000 spectators attending the race and 160,000 attending over the three days, it still made a massive loss that brought concerns whether it was beneficial to continue supporting the event.

But the governor stated in an earlier press conference that the problems are only a minor setback to a long-term project that will eventually bring revenues that will outweigh the current deficit. He believes the races will start making a profit by 2016.

“The situation has improved this year. There is a major competition between countries to host (next season), with some failing and some succeeding,” Park said.

He stated his belief in the success of this year’s race, which will help Korea win its bid for the 2013 season. He acknowledged the monetary problems faced by the organizers last year and pointed out they are yet to find a domestic title sponsor, but promised a cheaper and more efficient plan this time.

His promises are not without merit, as the organizers have reached a cheaper deal with Formula One’s governing body.

Mentioning last year’s local sponsors, POSCO and SK Lubricants, he said the corporations invested 1 billion won and eventually saw a promotional value of 20 billion won.

“As the Korean Grand Prix has a national image, we will make sure that visiting foreigners are fully accommodated,” he said.

“The fact that the race is held in Yeongnam, which is relatively less known than other places, means that it helps the development of the nation beyond the capital to give an overall balance.”

The governor added that the race will help the nation’s employment problem, saying 2,000 people have found jobs related to racing thanks to the event. He believes the number of jobs will skyrocket to 12,000 if the race in October is successful.