GREATER NOIDA (AFP) ― Formula One supremo Bernie Ecclestone Thursday ruled out a cheaper deal for the Korean Grand Prix, casting doubt over the race, which only had its debut last October.

Ecclestone flatly refused South Korea’s request to renegotiate the race contract, which has several years to run, despite threats the organizers would be forced to drop the event because of its large financial losses.

“It took us long enough to negotiate with them in the first place,” Ecclestone told reporters in Greater Noida, ahead of the inaugural Indian Grand Prix.

“There are lots of things in life you can’t afford, and you don’t have to have them,” he added.

Ecclestone was responding to comments from promoter Park Won-hwa, who said the future of the Korean Grand Prix, which held its second edition this month, was under threat without a new deal.

“We are trying hard, but we need the cooperation of Mr. Bernie Ecclestone.

We certainly want to continue with this event because it is a big event, even though we have losses,” Park told Autosport magazine.

He said the race had also proved unpopular with locals in Yeongam, a farming community in rural South Korea, who would prefer to see the money spent in other ways.