Future
Organisers of the Korean Grand Prix have expressed dissatisfaction over the terms of their contract with Bernie Ecclestone and Formula One Management, particularly with regards to the cost of race-sanctioning fees, and have sought to renegotiate the contract, seeking more-favourable terms. However, Ecclestone ruled out renegotiations, stating that the initial negotiation process had been difficult enough, and that the organisers were aware of the terms of the contract when they first signed it. Ecclestone has stated that in the event that race organisers can not pay sanctioning fees, the Korean Grand Prix will be removed from the calendar. The final calendar released in December kept the Korean Grand Prix intact. Shortly after the Australian Grand Prix, organisers of the race in Korea announced that they had reached a new deal with Formula One Management that would save $20.5 million (₩23 billion) in costs. However, Kang Hyo-seok, director of race organisation for the Korean Grand Prix, admitted that the race was still far too expensive for Korea, anticipating an estimated loss of $26 million (₩29 billion) in 2012.
Read more about this topic: Korean Grand Prix
Famous quotes containing the word future:
“I would sum up my fear about the future in one word: boring. And that’s my one fear: that everything has happened; nothing exciting or new or interesting is ever going to happen again ... the future is just going to be a vast, conforming suburb of the soul.”
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“But what we strive to gratify, though we may call it a distant hope, is an immediate desire; the future estate for which men drudge up city alleys exists already in their imagination and love.”
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