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Jeollanamdo and FOM to Begin Negotiation for Penalty Fees

전남도 – FOM, ‘F1 위약금 협상시작

Jeollanamdo and FOM to Begin Negotiation for Penalty Fees


The Korea Formula One Organizing Committee and the main operator of the Formula One, Formula One Management, held the first round of negotiations regarding the penalty fees that were previously charged to the Korean organizers for failing to host the event two years in a row.

Headed by the senior councilor of the Korea Formula 1 organizing committee, Park Won-hwa, and its general director, Go Seong-seok, Korean representatives met with the FOM officials in England last week.

The Korean organizers also reportedly met with the president of FOM, Bernie Eccleston, last week and said negotiations to adjust and find common ground for the penalty fees will follow.

The FOM previously requested the Jeollanamdo F1 organizing committee to pay penalty fees for failing to host the Formula 1 race in Korea for two years in a row, as well as failing to open a bank account to transfer hosting fees to overseas banks.

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