South Korea needs to produce a Formula One team and driver now that the country has hosted its first grand prix, motor racing chief Chung Yung-cho said late on Sunday.

Basking in a strong turnout for a race that was in danger of being cancelled only weeks ago due to construction delays, the chief executive of the Korea Auto Valley Association turned his thoughts to the future.

"This is something we really must have; a team and a driver in Formula One," Chung said as team mechanics packed up at the 250 billion won (US$222.1 million) oceanfront circuit he built on reclaimed land.

"I really believe this nation, the corporations, and our association must work together to find a way," he added. "I know there is a lot of work going on behind the scenes, but it's really time for everyone to come out and make this effort a public one.

"Let's not be afraid that we might fall short. If anyone finds they are just short of what they need, we'll help."

South Korea is home to several leading carmakers, including world No. 5 Hyundai Motor, but none have so far come forward as potential competitors in Formula One despite a desire to change their dowdy image of affordable vehicles.

"Hyundai is simply not interested in Formula One," one industry official said earlier in the week.

The long-term investment required has deterred many conglomerates while the withdrawal of Japanese rivals Toyota and Honda has also dampened interest.

Only LG, the world's No. 2 maker of televisions and third in handset sales, had a corporate presence at Yeongam as a global sponsor and partner of the sport as well of the Red Bull team. South Korea has little motor sport heritage, with soccer and baseball far more popular.

A previous attempt to host a grand prix in 1996 fell through, with F1 supremo Bernie Ecclestone keeping a payment of US$11.75 million after a court case after local organizers failed to build the circuit.

5-year deal

Chung, whose organization agreed in 2006 a five-year deal for the race, said that the relative lack of interest in the sport was largely due to the absence of home-grown racers.

He said the turnout in Sunday's race showed the potential, with tens of thousands of fans waiting patiently through a long rain delay to witness a thrilling battle between five championship rivals.

"Some people might have wondered whether at these ticket prices, this was all they're going to get, with the delayed start and the stop and restart after 50 minutes. But this is just part of Formula One," added Chung.

Most of the 60,000 or so fans who braved heavy rains and muddy walkways and then stayed on to the end rose to their feet as Ferrari's Fernando Alonso took the chequered flag. One of the most animated was Formula One mad Kim Sun-ah, who said she had brought both her children but left her husband at home.

"The facilities are outstanding," said US army soldier Giovanni Nieves.

"The parking lot needs some work, but the grandstand, I think they did an excellent job."

"Korea should be proud of this. Listen, South Korea joined the elite in Formula One racing. It's absolutely extraordinary," said another unnamed fan.