Bernie Ecclestone agreed to reduce the race fee as he extended Korea’s grand prix contract through 2016, the AFP news agency reports.
F1′s annual trip since 2010 to Mokpo is among the most controversial and least popular on the calendar, but promoter Park Won-Hwa said on Friday a new contract has been signed. “We had to renegotiate with Mr Ecclestone and brought a few ideas and persuaded him that Korea cannot continue the event with such a big financial loss,” he said.












