A new promoter in Korea?

According to AutoRacing1.com sources, Champ Car is working with a new promoter in Ansan, South Korea. The original promoter, The Racing Korea (TRK) was only able to deposit about 50% of the up-front sanctioning fees required to stage the race in 2005 and could not produce a letter of credit proving they had the financial backing to guarantee Champ Car would get paid the full contract amount. Champ Car felt that, plus the fact the track construction was behind schedule, was enough to cancel the 2005 event.

A new promoter, Sunny Kim et al, is now in the picture and supposedly has far more financial backing to ensure the race will happen in 2006. The new contract, which we're not so sure has been signed yet, is rumored to be for five years with an option for five additional years.