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swinewho
Joined: 17 Aug 2009
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 Posted: Thu Oct 27, 2011 9:05 pm Post subject: Korea set to lose GP |
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http://www.telegraph.co.uk/sport/motorsport/formulaone/8854060/Bernie-Ecclestone-places-future-of-Korean-Grand-Prix-in-doubt.html
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Korea�s future is looking decidedly dicey. The promoter of the Yeongam event, Won-Hwa Park, said earlier this month that he wanted to seek a cut in the estimated �35 million hosting fee because of the huge losses the event is facing. According to local media, the total cost for the race this year was �52 million, with income from tickets estimated to be only �16 million.
Korea�s current deal, which runs until 2016, includes a 10 per cent escalator for hosting rights over its duration.
�There are lots of things in life you can�t afford, and you don�t have to have them,� Ecclestone said. �And it took us long enough to negotiate with them in the first place.�
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Burndog
Joined: 17 Feb 2008
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| Posted: Thu Oct 27, 2011 9:45 pm Post subject: |
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That's a shame...it's an enjoyable event.
Having said that...it's not been promoted very strongly...so it's gonna lose money isn't it? |
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hogwonguy1979
Joined: 22 Dec 2003
Location: the racoon den
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| Posted: Thu Oct 27, 2011 9:50 pm Post subject: |
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figured it would be in jeopardy, from the tv feed it looked there were tons of empty seats with sections tarped over. it also had a lousy location and quality hotel room problems.
they know they will make a ton of money with full stands in Austin and New Jersey |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Thu Oct 27, 2011 10:37 pm Post subject: |
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| hogwonguy1979 wrote: |
| they know they will make a ton of money with full stands in Austin and New Jersey |
F1 hasn't had a race in North America for the last 4 years, stricter restrictions on cigarette advertising being a major reason. But I guess they are getting back into NA. It wouldn't be wise to pull out of Korea since Korea has the affluence to potentially be a money making stop. It takes time and good promotion to get more people in the stands. They really need to change the promoting team in Korea because they are doing a lousy job here. |
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Squire
Joined: 26 Sep 2010
Location: Jeollanam-do
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| Posted: Thu Oct 27, 2011 10:44 pm Post subject: |
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I just hope they can keep it here for one more season. I didn't go this year  |
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diver
Joined: 16 Jun 2003
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| Posted: Fri Oct 28, 2011 12:07 am Post subject: |
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| jvalmer wrote: |
| hogwonguy1979 wrote: |
| they know they will make a ton of money with full stands in Austin and New Jersey |
F1 hasn't had a race in North America for the last 4 years, stricter restrictions on cigarette advertising being a major reason. But I guess they are getting back into NA. It wouldn't be wise to pull out of Korea since Korea has the affluence to potentially be a money making stop. It takes time and good promotion to get more people in the stands. They really need to change the promoting team in Korea because they are doing a lousy job here. |
Don't tell the Canadians...they don't know they're no longer part of North America. They've been racing in Canada, at three different circuits, since 1967 (except for 1975, 1987 and 2009).
Last edited by diver on Fri Oct 28, 2011 5:03 am; edited 1 time in total |
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rkc76sf
Joined: 02 Nov 2008
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| Posted: Fri Oct 28, 2011 3:26 am Post subject: |
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| jvalmer wrote: |
| hogwonguy1979 wrote: |
| they know they will make a ton of money with full stands in Austin and New Jersey |
F1 hasn't had a race in North America for the last 4 years, stricter restrictions on cigarette advertising being a major reason. But I guess they are getting back into NA. It wouldn't be wise to pull out of Korea since Korea has the affluence to potentially be a money making stop. It takes time and good promotion to get more people in the stands. They really need to change the promoting team in Korea because they are doing a lousy job here. |
Seriously, they're going to have to not only make up the loss but also add 10% to that next year and every year after. Maybe they can make money, don't see it though. No other sports make that much money, what makes them think auto racing will? Baseball took forever to finally take off (if that's what you call taking off), I don't think they have that much time to wait. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Fri Oct 28, 2011 4:24 am Post subject: |
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| jvalmer wrote: |
| hogwonguy1979 wrote: |
| they know they will make a ton of money with full stands in Austin and New Jersey |
F1 hasn't had a race in North America for the last 4 years, stricter restrictions on cigarette advertising being a major reason. But I guess they are getting back into NA. It wouldn't be wise to pull out of Korea since Korea has the affluence to potentially be a money making stop. It takes time and good promotion to get more people in the stands. They really need to change the promoting team in Korea because they are doing a lousy job here. |
Hey buddy, Montreal (Canada) has had a F1 race for a few years now...just sayin...oh and Canada is in North America, unless something has changed drastically.  |
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diver
Joined: 16 Jun 2003
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| Posted: Fri Oct 28, 2011 4:59 am Post subject: |
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They need to:
1. ...use the circuit more than once a year. They can host local races, international F3000 races, see if they can get the International Le Mans series (whatever they call it now) - a 24-hour race would rock etc. How about IRL (Indy cars) or even NASCAR (NASCAR has raced in Japan)
2. ...promote racing in Korea. This could take the form of karting tracks/schools for kids up to a full-fledged racing school using the circuit (in the F1 configuration, or a shorter one)
3. ...find "outside of the box" uses for the tack - marathons, cycling, concerts, etc.
4. ...allow the public access to the track when it is not being used for racing (driving, cycling, rollerblading)
5. ...do something with all the unused space in the infield. A luxury hotel would be nice (stay right at the track). Turn it into a nice park, campground, amusement park, build an automotive museum, or a Korean cultural museum - something to draw people (and make money) year-round
6. ...get local auto makers involved. How about a open wheel series with identically prepared Hyundais that Hyundai can use as a developmental program towards building an F1 car?
7. ...running it as is, but BETTER! The negative press is not going to help people decide to purchase tickets. Also, some of the perks from last year were taken away. In 2010 I got to walk right along pit lane and watch the teams work on the cars, not this year. Also, though I did get to line up and meet some drivers get autographs, they should have held the signing right in front of the main grandstand where fans who couldn't get in, could at least look down from the stands and see the drivers. The signing session was held too far up the track for those in the stands to see the drivers well.
8. ...rent the circuit out to racing teams (from any series) for testing. |
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ZIFA
Joined: 23 Feb 2011
Location: Dici che il fiume..Trova la via al mare
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| Posted: Fri Oct 28, 2011 5:03 am Post subject: |
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Koreans aren't into F1.
Simple as that. They don't get it that this is one of the most prestigious global sporting events.
Also they don't have a Korean driver to support. Sport tends to be just about nationalism here, so... |
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diver
Joined: 16 Jun 2003
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| Posted: Fri Oct 28, 2011 5:24 am Post subject: |
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From CNN:
...Formula One supremo Bernie Ecclestone has cast doubt over the future of the race in Korea after it emerged the event organizers were seeking a reduction in the hosting fee.
It was announced Tuesday a race will be held in New Jersey from 2013 onwards, with a further grand prix in the U.S. to be held in Austin, Texas from next season. Russia is also set to make its F1 bow in 2014.
Current regulations limit the maximum number of rounds in an F1 season to 20, with Korea, which has a deal to host a race until 2016, earmarked as a venue which could potentially make way.
"There are lots of things in life you can't afford, and you don't have to have them," Ecclestone was reported to have said in British newspaper the Daily Telegraph. "And it took us long enough to negotiate with them in the first place.
"It was strange. They didn't really get behind it. That was a disappointment because it was a big enough effort to get it on in the first place."
Well, it looks as if I have ticket stubs and programs from the first AND last Korean F1 races.  |
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shifty
Joined: 21 Jun 2004
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| Posted: Fri Oct 28, 2011 5:35 am Post subject: |
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Good suggestions by Diver.
Couldn't 'government' be approached for some limited support, if only until it's an established and regular event.
In the UK govt money was mooted for Silverstone on grounds that the rest of sports were getting help plus some other valid sounding reasons.
It's true that K's are not interested in F1 and by the time they are the patient may be dead, but I think it's worth a shot; I mean Koreans do have a pioneering mentality.
Maybe Bernie Ecclestone could be a little more bending when some enthusiasts have sacrificed so much and now find themselves getting a kick in the teeth. |
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ZIFA
Joined: 23 Feb 2011
Location: Dici che il fiume..Trova la via al mare
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| Posted: Fri Oct 28, 2011 7:25 am Post subject: |
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| shifty wrote: |
| It's true that K's are not interested in F1 and by the time they are the patient may be dead, but I think it's worth a shot; I mean Koreans do have a pioneering mentality. |
There is nothing to connect F1 to the Korean mentality.
They have no reference point for it.
| Bernie Ecclestone wrote: |
| Of the local lack of support, the 80 year-old added: �It was strange. They didn�t really get behind it |
They have to drive for hours in traffic jams on a daily basis: its not a fun experience for them, neither is watching other people drive.
And they're too parochial to revel in the international flavour of the event. For me F1 is partly a celebration of german engineering, brazillian flair, british sportsmanship. That would just go over korean heads. They don't get it...because they have no international experience.
With football they were able to beat Japan and enter players into prestigious foreign teams. Park Jie sung is probably retained in Man U. only because of he sells so much club merchandise in Korea.
But F1?...they have no drivers, sponsors or constructors. Its boring to them. Koreans like face to face conflict. Human drama. Not impersonal machines circuiting a track where winning depends on efficiency and engineering. |
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shifty
Joined: 21 Jun 2004
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| Posted: Fri Oct 28, 2011 8:14 am Post subject: |
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| ZIFA wrote: |
There is nothing to connect F1 to the Korean mentality.
They have no reference point for it.
But F1?...they have no drivers, sponsors or constructors. Its boring to them. Koreans like face to face conflict. Human drama. Not impersonal machines circuiting a track where winning depends on efficiency and engineering. |
Yeah, agree with you entirely.
I was just hoping that Korean desire to promote themselves internationally would override their lack of affinity for F1. |
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ZIFA
Joined: 23 Feb 2011
Location: Dici che il fiume..Trova la via al mare
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| Posted: Fri Oct 28, 2011 8:59 am Post subject: |
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| shifty wrote: |
| ZIFA wrote: |
There is nothing to connect F1 to the Korean mentality.
They have no reference point for it.
But F1?...they have no drivers, sponsors or constructors. Its boring to them. Koreans like face to face conflict. Human drama. Not impersonal machines circuiting a track where winning depends on efficiency and engineering. |
Yeah, agree with you entirely.
I was just hoping that Korean desire to promote themselves internationally would override their lack of affinity for F1. |
yep me too.
But its pearls before swine.
The great and historic sport of F1 is wasted on nouveau riche upstarts who will not and cannot appreciate it.
Looking forward to it going back to South Africa. |
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