Future of F1 Korean GP under serious scrutiny

South Korea's money-losing and poorly attended Formula One Grand Prix could be axed in the wake of last Sunday's race, but local organizers are still hopeful of renegotiating their contract and keeping it on the calendar.

Promoter Park Won-hwa said on Saturday he was optimistic despite recognizing the future of the event at the Yeongam circuit hung in the balance with just a 50/50 chance of survival.

Red Bull Formula One driver Sebastian Vettel of Germany celebrates winning the Korean F1 Grand Prix at the Korea International Circuit on Sunday. Kim Hong-ji / Reuters

"I do not think it's going to be the last one. We are eager to continue this event because we invested a lot of money to build this circuit," said Park.

"Public opinion in Korea was very much against continuously holding this event because of a huge deficit. But now we are more or less stabilized financially and we would like to continue," said Park, who is a professor of air and space law.

Held near the shipyards of Mokpo about 400km south of Seoul and now in its fourth edition, the race is listed only provisionally on the 2014 schedule along with Mexico and a new race in New Jersey.

If all are confirmed, Formula One would have a record 22 races next year but few in the traveling circus believe that will be the case. Most teams are reluctant to go beyond 20 rounds.

Korea and New Jersey, whose debut was already postponed last year for financial reasons, are seen as the most likely to be dropped.

"We don't know yet whether we can continue or not because we have to deal with Formula One management. I do not know how it will end up," said Park.

"We want to renegotiate. Mr Ecclestone has his position, we have our position. Obviously the core issue is the money problem and we don't know if we can find a satisfactory solution or not.

"But I am very much hopeful because Mr Ecclestone is such a nice person and he knows our situation."

Formula One supremo Ecclestone, who turns 83 this month, is renowned for driving a hard bargain and securing eye-watering deals that have poured billions into the coffers of the commercial rights holder.

The Briton, who has taken the sport to exotic destinations where state subsidies are readily available, is not famed for making generous concessions to those unable to meet his terms.