JANUARY 2, 2006
Korea cancels Formula 1 plan
Korea has cancelled its plans to hold a Formula 1 race in the Chinhae area, which designated as a free economic zone by the government. The Koreans did a feasibility study for a race track and decided that it was not such a good idea and the plan was cancelled. The Koreans are now bidding for the Olympic Games in 2020. The city of Pusan will now organise a committee to work on the bid, the decision for which will be made in 2009.
The original idea had called for a 3.5-mile track on a 326-acre site in the Ungdong area of Chinhae, with seating for 100,000. The region went as far as to sign a memorandum of understanding with Formula One Management.
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