The Korean Formula One Grand Prix racked up substantial operating losses last month, the third year running it has finished in the red, but organisers say the race will bring long-term benefits to the country.
The South Korean race, first run in 2010, returned operating losses of $45 million.
One of nine Asian races on the 20-stop 2012 Formula One calendar, including the Asia-Pacific Australian Grand Prix, the South Korean event also lost an estimated $62 million in its first year.
The Yeongam circuit, 400 kilometres south of Seoul, has an initial contract of seven years, with a five-year option that could keep the race there until 2021.
However, it has been plagued by problems, even before opening in 2010, when construction of the circuit was only just finished in time for its maiden race.
South Korean organisers have expressed dissatisfaction at the terms of their contract with Formula One, particularly over the cost of race-sanctioning fees.
However, their complaints have fallen on deaf ears with Formula One supremo Bernie Ecclestone.
The last two Korean races have been won by Red Bull's Sebastian Vettel, the current world champion.
The problems facing South Korea's race contrast sharply to the success Formula One enjoys in nearby Japan, where sell-out 120,000 crowds are commonplace at Suzuka.
