South Korea's money-losing and poorly attended Formula One Grand Prix could be axed in the wake of last Sunday's race, but local organizers are still hopeful of renegotiating their contract and keeping it on the calendar.

Promoter Park Won-hwa said on Saturday he was optimistic despite recognizing the future of the event at the Yeongam circuit hung in the balance with just a 50/50 chance of survival.

"I do not think it's going to be the last one. We are eager to continue this event because we invested a lot of money to build this circuit," said Park.