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Last Updated: Monday, 2 October 2006, 10:48 GMT 11:48 UK
South Korea unveils F1 race plans
Bernie Ecclestone, South Cholla govenor Park Joon-Yung and Korea Auto Valley Operation president Chung Yung-cho
The new seven-year deal was signed in Seoul on Monday
South Korea could host future Grands Prix under a deal signed by Formula One supremo Bernie Ecclestone on Monday.

A new 3.4-mile track will be built in Yeongnam, 240 miles south of Seoul, with the first Grand Prix in a seven-year deal slated for 2010.

The circuit needs to be approved by motorsport's governing body once it is completed, scheduled to be in 2009.

An attempt to host a race in South Korea 10 years ago foundered when the proposed race site was not developed.

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 at a cost of about 140m.

The new deal continues the move by F1 into new markets, with Grands Prix in China, Bahrain and Turkey added to the schedule in recent seasons.

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