The future of the Korean GP has been assured after the race organisers agreed a new "cheaper" deal with F1 supremo Bernie Ecclestone.
Although it is well known that Ecclestone is not magnanimous in his business dealings, it seems the 81-year-old has opted against taking a hard-line approach with the cash-strapped race.
According to the race's organisers, the Korean GP will remain on the calendar until 2016 with an option to extend for a further five years.
The new deal was reached after Ecclestone agreed a 'cheaper deal' with the South Jeolla provincial government which will save $20.5 million in costs this year.
"Negotiations with Formula One Management (FOM) were successfully completed, and we hope a contract will be signed soon," an official at the provincial government's F1 organising committee told AFP.
"The new deal will help reduce our deficit and host the race in a more stable manner."
