South Korea gets GP

The race was officially announced at a ceremony in the country"s capital Seoul on Monday morning.

Formula One ringmaster Bernie Ecclestone appeared on stage with Park Joong-Yung - the governor of the South Cholla province that will stage the race - where they confirmed that a deal has been struck.

The event will take place on a new 250 billion Won (£125 million), 3.39-mile circuit that will be designed by Hermann Tilke, the man responsible for designing tracks in Turkey, China and Bahrain.

The track, which will provisionally be known as 'Korea International Circuit' will be half-permanent and half-temporary, with the latter part running through a town. The entire circuit will be built on a harbourside.

It is not the first time that South Korea has tried to stage a race. A deal was previously signed in 1996 to hold an event at Kunsan from 1998 to 2002. It never happened due to commercial reasons.