South Korea secures F1 project funding

(GMM) After a long period of silence, organizers of a South Korean grand prix said on Tuesday they have lined up nearly half of the necessary funding.

Korea Auto Valley Operation (KAVO), a part-private venture involving the South Jeolla government, said agreements for loans totaling about $159 million represents about 46 per cent of the cost of building and operating the circuit.

"With the contract, we have secured enough funds to accelerate preparations for the country's first F1 race," the AFP news agency quoted KAVO as saying in a statement.

The report said the circuit 320 kilometers south of Seoul is already under construction and set to be completed next July.

South Korea did not however appear on the leaked provisional 2010 F1 calendar that was doing the rounds in the Spa-Francorchamps paddock last weekend.

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