South Korean Grand Prix promoters have announced they have secured the financial funding to build a Formula 1 circuit that will be ready in time for 2010.
Korea Auto Valley Operation (KAVO) – a joint-venture between the Jeollanam-do province government and official F1 promoter company M-Bridge Holdings – said on Tuesday it had raised $159.7 million from nine financial institutions.
KAVO said the rest of the money needed for the circuit would be raised through the organizer's capital and public subsidy.
South Korea secured a grand prix deal back in 2006 and is scheduled to make its debut in July next year, although a calendar circulated at the Belgian Grand Prix did not include the event. The circuit, under construction in the South Cholla province, has been designed by Hermann Tilke.