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F1 NEWS 

South Korea secures circuit funding

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 organiser'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.

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