In 2011, organisers of the Korean Grand Prix expressed dissatisfaction over the terms of their contract with Bernie Ecclestone and Formula One Management, particularly with regards to the cost of race-sanctioning fees, and sought to renegotiate the contract, seeking more-favourable terms. However, Ecclestone ruled out renegotiations, stating that the initial negotiation process had been difficult enough, and that the organisers were aware of the terms of the contract when they first signed it. Ecclestone has stated that in the event that race organisers could not pay sanctioning fees, the Korean Grand Prix would be removed from the calendar. 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. The race went ahead in 2013.