Incheon pushes to bring Formula One back to Korea with 2028 Grand Prix plan

Incheon Mayor Yoo Jeong-bok explains the results of the preliminary feasibility study for a Formula One Grand Prix event at the city hall briefing room, April 16. Courtesy of Incheon City

Incheon is pushing to host a Formula One Grand Prix race in 2028 after a study found that a five-year hosting run would generate revenues exceeding costs.

According to the results of the “Basic plan and preliminary feasibility study for the Incheon Formula One Grand Prix,” released by the city April 16, expected revenue over a five-year period is estimated at 1.16 trillion won ($790 million), while projected costs came to 802 billion won, indicating economic feasibility.

The Incheon Formula One plan also appeared financially viable in an analysis that factored in inflation and value-added tax. Revenue was estimated at 1.13 trillion won, including 623.8 billion won from ticket sales and 237.1 billion won from national and municipal funding, while costs were projected at 1.04 trillion won.

The study, jointly conducted by German circuit design firm Tilke and the Korea Industrial Development Institute, projected that 120,000 domestic and international visitors would attend the three-day event per day, generating approximately 580 billion won in tourism revenue and creating around 4,800 jobs.

Incheon circuit design proposal / Courtesy of Incheon city

Songdo Moonlight Festival Park in the neighborhood of Yeonsu-gu was selected as the preferred site for the race circuit. The study proposed a 4.96-kilometer street circuit using existing roads rather than building a permanent track, similar to those in Monaco, Las Vegas and Singapore, with top speeds of up to 337 kilometers per hour.

To address the inevitable inconveniences associated with a street circuit, such as noise and traffic congestion, the study proposed measures including the installation of 1.8 kilometers of noise barriers, as well as shuttle bus services and temporary parking lots.

Based on the study results, Incheon plans to consult with the Ministry of Culture, Sports and Tourism on the approval process for hosting the race, including a revision to the enforcement decree of the International Athletic Games Support Act and a review by the committee that evaluates bids for international sporting events.

The city will also request a feasibility study by the Korea Institute of Sports Science and survey private companies on their interest in the project before launching a public call for private operators within the year.

Incheon plans to select private sector partners by the end of this year and draw up a basic plan next year, ahead of potentially hosting a race in 2028.

Incheon’s push to host a Formula One race began in April 2024, when Mayor Yoo visited Japan and delivered a letter of intent to Formula One Group. However, progress was delayed after the research project failed to attract bidders twice, leading to its belated launch in June last year. Its completion was then pushed back from last November to January, and again to April.

Incheon Mayor Yoo Jeong-bok, left, greets Rep. Park Chan-dae, the ruling Democratic Party of Korea’s mayoral candidate for Incheon, at a memorial event for the victims of the 2014 Sewol ferry disaster in Incheon, April 16. Yonhap

The plan now faces a fresh variable, with local elections less than 40 days away. Rep. Park Chan-dae, the ruling Democratic Party of Korea’s mayoral candidate, voiced skepticism about the plan, saying it was "difficult to expect successful results" and "needs to be thoroughly reviewed."

Yoo said the same day that hosting a Formula One race would be "a key driver that could reshape the landscape of city branding and the tourism industry," adding that it would not require significant costs.

This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by a generative AI system and edited by The Korea Times.