From GMM

South Korea has taken another step towards hosting a round of the formula one world championship.

Earlier in September, the organisers Korea Auto Valley Operation (KAVO) said they had lined up nearly half of the necessary funding for building and operating the circuit, which is already under construction south of Seoul.

More good news emerged this week from the South Jeolla province's National Assembly this week, in the form of a government bill to provide support, according to the JoongAng daily.

KAVO said the news is important because it means legislators "have finally reached consensus over the impact" of the F1 race.

The bill reportedly provides the funds ($73 million) and the necessary legislation to complete the track and organise the event.

South Korea did not appear on the leaked provisional 2010 F1 calendar that was doing the rounds at last month's Belgian grand prix.