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SEOUL - The Korean Grand Prix has negotiated a cheaper deal with Formula One which will save US$20.5 million (S$25.7 million) in costs this year, organisers said Monday.
The South Jeolla provincial government, which has been under fire over its mounting deficit since the first race in 2010, will host the event until 2016 with an option to extend for five more years.
The announcement follows threats that South Korea could lose the event in the row over costs and comes as Australian Grand Prix organisers prepare to negotiate a new deal, with debate raging over the race's viability.
 
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