Korean Grand Prix axed from F1 schedule

There will not be a Formula One race in South Korea in 2015 after the sport's governing body dropped it from the schedule.

The Korean Grand Prix has been dropped from the 2015 Formula One calendar. (AAP)

The Korean Grand Prix, dogged by years of financial problems, has been dropped from the 2015 Formula One calendar, organisers have confirmed.

The sports governing body, the FIA, have dropped the race from the final version of this year's schedule published on its website late on Tuesday, reducing the season to 20 races.

The Korean event in Yeongam, in the country's south, made its debut in 2010 under a deal intended to last until 2016 with a five-year renewal option.

But it haemorrhaged money heavily from the outset and having accumulated losses of 190 billion won ($A184 million) over four years, it was dropped from the 2014 schedule.

"Due to lack of financial support from either the central government or the provincial government, we have no option but to abandon this year's event as well," said a Korean GP official, who insisted on anonymity.

"South Korea has still a very thin fan base and local businesses are not so eager to sponsor auto races", he added.