South Korea is to host a Formula One grand prix from 2010.
Bernie Ecclestone, the sport's commercial promoter, and Park Joon-Yung, governor of the South Cholla province, reached an agreement today that will see the Asian country host an annual World Championship race in Yongam County until 2016.
The contract also has an option to extend the competition for five years, according to The Korea Times.
A track will now be built in the province, with a completion date scheduled for 2009. It will host its first race in October the following year.
The track will be constructed by the Korea Auto Valley Operation, a joint venture between South Cholla province and the Korean F1 promoter M-Bridge Holdings.
The decision stems from Ecclestone's drive to secure new markets for the sport.
