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DATE News (chronologically)
01/14/11
f1
S. Korea Formula 1 organizer sacked  The chief organizer of South Korea's first Formula One Grand Prix race last year was dismissed at a Friday board meeting on the grounds of lax management, a report said.

In an emergency meeting, shareholders of Korea Auto Valley Operation (KAVO) voted to fire chief executive Chung Young-Cho and two other senior executives, the Yonhap news agency said.

Park Won-Hwa, former South Korean ambassador to Switzerland, has been named Chung's replacement, it said.

KAVO officials were not available for comment.

KAVO, a joint venture between a private company and South Jeolla province, hosted the race last November, after frantic last-minute work to build the circuit in Yeongam county, 320 kilometers (200 miles) south of Seoul.

KAVO will host the race for seven years with an option to extend for five more. But state inspectors launched a probe last December after KAVO was criticized for delayed work and sloppy marketing and operations.

"Investors felt that KAVO's management under Chung couldn't guarantee success this year," an unnamed provincial official told Yonhap.

With Chung's dismissal, a separate organizing committee led by the province would play a leading role, Yonhap said.

Chung told Yonhap that the board meeting was held without "any proper notice".

"I ask that the meeting be held after the probe by (state inspectors) is over. I don't know why they rushed to this," he was quoted as saying.

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