 The final calendar, released in December 2011, kept the Korean Grand Prix.After the 2012 Australian Grand Prix, organisers of the race in Korea announced that they had reached a new deal with Formula One Management that would save $20.5 million (₩23 billion) in costs.Kang Hyo-seok, director of race organisation for the Korean Grand Prix, admitted that the race was still 'too expensive' for Korea, anticipating an estimated loss of $26 million (₩29 billion) in 2012.