Nov.22 (GMM) There are worrying signs for the future of the new Korean grand prix, with organisers admitting yet another big financial loss for the October race.

The 2012 edition of the Yeongam event was the third since 2010, and all of them have recorded big losses.

The latest loss is $36 million, according to the Yonhap news agency.

"Just because the loss was reduced, I am not sure we can call this year's race a success," said South Jeolla council member Seo Dong-wook.

"We will need to take some fundamental steps to change it."

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