S. Korea's F1 promoter begins work on Asia's longest racetrack

SEOUL, April 10 (Yonhap) -- The local promoter for next year's Formula One motor-racing event said Friday it has started construction of Asia's longest racetrack as South Korea prepares to play host to the world's most expensive and lucrative sporting event.

South Korea will host the Formula One race, named the Korean Grand Prix, for the
first time in October next year at the racetrack located in Yeongam County, about
400 km southwest of Seoul.
Korea Auto Valley Operation (KAVO) said the racetrack, called the Korean
International Circuit, will be 5,615 meters long once it is complete.
KAVO is a joint venture between M-Bridge Holdings, a private company, and the
provincial government of South Jolla, where Yeongam is located.
"We aim to make this track South Korea's representative motor-racing facility,"
said Chung Young-jo, head of KAVO, in a statement.
Yoon Jin-bo, in charge of preparations for the Formula One event with the
provincial government, said construction will be completed in the first-half of
next year.
Formula One, which attracts millions of television viewers worldwide eager to see
the latest in auto-technology with cars racing up to 360 kilometers per hour, is
shifting its focus to Asia from Europe. The event is scheduled to be held in
India in 2011.
In November last year, South Korea's LG Electronics Inc. signed a five-year
contract to become an official sponsor of Formula One.
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