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TSN.ca Staff

10/2/2006 10:15:31 AM

South Korea will become a stop on the Formula One calendar in 2010.

F1 boss Bernie Ecclestone has signed a deal with Korea Auto Valley Operation, which plans to build a 5.45 km track in Yeongnam, 240 miles south of Seoul at a cost of $264-million US.

Organizers say the circuit will be built in the Jeollanam-do province, along the waterfront with a Monaco theme in mind. Spectators will be able to see part of the race from yachts and hotels located along the harbour promenade, similar to race held in the historic French principality.

This is the second time South Korea has attempted to stage a Formula One race. Back in 1996, Ecclestone signed a deal giving exclusive rights to stage a race in Kunsan City to Sepoong Engineering Construction Company Ltd. However, no track was ever built and the rights to stage the event expired in 2002. Ecclestone, however, walked away with $11.75-million for his efforts.

Ecclestone has been busy expanding the F1 series to new markets in recent years, adding races in Malaysia, Turkey, China and Bahrain. Plans are also in the works to stage events in Russia and possibly India.

Ecclestone also says he will help to get Korean drivers into the sport in time for the 2010 debut.

[Wangja]

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