Organisers of the proposed South Korean Grand Prix have revealed that they have secured the necessary funding to complete the construction of the circuit and host the race.

In a statement issued today, the Korea Auto Valley Operation (KAVO) claimed that it has raised $160m (£98.5m) via financing deals with a number of local financial institutions. The remaining $350m (£215m) will be covered by the organiser's own capital and public subsidy.

While the event is not on the provisional calendar issued to the teams by FOM at the weekend, construction of the circuit in the south-western region of South Cholla province should be complete by July 2010.

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South Koreans raise GP funding

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