F1™ Entertainment Korea Grand Prix Yeongam

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The Korean International Circuit will be the venue for the Korean Grand Prix, a 5.62 km (3.49 mile) race circuit located in Yeongam County (400 kilometres south of Seoul), South Jeolla province at a $264 million (250 billion won) deal between Bernie Ecclestone and the Korean F1 promoter Korea Auto Valley Operation (KAVO - a joint venture between M-Bridge Holdings and Jeollanam-do regional government).

German designer Hermann Tilke has been given the responsibility of the design of the track. Planned completion is July 2010 and it will be part permanent, part temporary. The temporary part will race along the harbour side of the province where spectators from the promenade, hotels and yachts can view the race. Part of the city with possible exhibition facilities, shops, restaurants and cafes will be utilized to be the pit lane during the F1 Grand Prix weekend.

The first Formula One race will be held at the track in 2010. The deal is for 7 years, with a 5 year option after that which would take the race until 2021.

It was announced on September 2, 2009 that the funding was in place to start construction at the site, and officials are confident the work will be completed in time to hold a Grand Prix in 2010. On December 10th 2009, the organisers of the event announced that they were on schedule, with a plan to finish the circuit on July 5, 2010, though they admitted that their largest problem lay in finding accommodation for all Formula One staff and spectators. The organisers also ruled out the possibility of staging the race at night until they have more knowledge of and experience in running a Grand Prix.

The Korean GP is due to be run on October 24[4] for the 2010 Formula One season. This event will be the 17th out of 19 events during the 2010 Formula One season after the Singapore Grand Prix at Marina Bay. The race will be on the 2010 calendar unless the completion of the circuit is not up to the FIA's standards.
 

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