• Korean Grand Prix

Ecclestone sends warning to Korea

ESPNF1 Staff
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Bernie Ecclestone: "Lots of things in life you can't afford. You don't have to have them" © Getty Images

Bernie Ecclestone has said he is not willing to cut a cheaper deal for the Korean Grand Prix and has "no idea" whether the event will be able to stay on the calendar in years to come.

A recent report in Autosport said race promoter Park Won Hwa is hoping to renegotiate the terms of the grand prix deal after the circuit operated at a loss this year. The race contract was agreed by Park's predecessor and is believed to contain a clause that will see the race fee rise by 10% each year.

However, when asked whether he would be willing to renegotiate the deal, Ecclestone said: "It took long enough to negotiate [with] them in the first place."

He added: "Lots of things in life you can't afford. You don't have to have them."

After just the second year of the event, Ecclestone said he felt the promoters "didn't really get behind it" and admitted he was disappointed as it was "a big enough effort to get it on in the first place".