The possibility of a Korean GP in 2010 has taken a step closer to realisation with the news that the country's main political parties have passed the 'F1 Act'.

The passing of the act, which was agreed by the ruling Grand National Party and the Democratic Party, means that central government will now meet any shortfall in the budget to build the track. Thus far, funding has been raised by private enterprise.

In a statement issued by the Korea Auto Valley Operation (KAVO) the promoters of the race, CEO Young-Cho Chung said: "With the passing of the F1 Act and the construction of the circuit well above its progression rate, the dream of having an international motor sport circuit has become a reality for the motor sports community.

"By maintaining strong co-operative relationships with the central government and with the support on a national level, we will do our best to make the 2010 F1 Korean Grand Prix an event of unprecedented success."

While Korea wasn't on the provisional calendar issued over the Belgian GP weekend by Formula One Management, this latest news means that it must be included on the official 2010 schedule, due to be issued next month, since a contract is already in place.

Shortly after the release of the provisional calendar, KAVO claimed that it had already raised $160m (£98.5m) leaving a further $350m (£215m) to be found.