South Korea intends to host a Formula 1 race after 13 years

• South Korea could host its first Formula 1 race since 2013 in 2028.
• This time, it could take place on a street circuit in Incheon, if it happens at all.
• Several concerns still need to be addressed before Formula 1 decides on a return to South Korea.

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The Korean Grand Prix first ran in 2010, with plans to build a circuit in Yeongam, about 400 kilometers from Seoul. The venue hosted races from 2010 to 2012, but the project faced headwinds and was dropped from the calendar.

The layout drew praise, yet the site sat far from population centres, making it hard to fill the stands. Construction slipped due to rain, and the pit entry and exit caused issues for drivers.

The 2010 race ran in wet conditions, with Fernando Alonso taking the win. From the outset, the event struggled on the balance sheet, with organizers conceding that the cost of staging the race was high. Distance from major cities hurt attendance and sponsor pull.

The contract between Formula 1 Management and the local organizers was revisited in 2012, but it didn’t really work out. The FIA later dropped the race from the calendar on financial grounds.

Now, South Korea is making another run at a place on the Formula 1 calendar, targeting a return by 2028, with Incheon unveiling plans for a street circuit near the capital.

A new attempt to bring back Formula 1 on a street circuit

The new proposal centres on a 4.96-km layout in the Songdo district, with a target of drawing 400,000 visitors across a three-day race weekend. The plan follows the earlier Korean Grand Prix, which ran from 2010 to 2013 in Yeongam.

Under the new blueprint, racing would take place on a nearly five-kilometer street circuit in Incheon, just outside Seoul. The layout will feature 15 corners. The design draws from street circuits in Singapore and Las Vegas.

However, instead of building a permanent venue, the offer leans on converting city streets into a temporary circuit. The approach is to limit investment in long-term infrastructure while still hosting a Formula 1 event.

City officials said the plan could generate revenue and provide the necessary push that has been in motion since April 2024, when Incheon Mayor Yoo visited Japan and delivered a letter of intent to the Formula 1 Group. The process has not been smooth, though.

A research project failed to attract bidders on two occasions, delaying its launch until June last year. Timelines then slipped, with completion moving from November to January, and then again to April.

Formula 1 currently stages races in 24 locations, including China, Japan, and Singapore. Vietnam had been set to host a race in 2020, but that event was scrapped due to the COVID-19 pandemic and has not returned. Thailand approved a bid last year to host a race. However, Formula One has not immediately responded to a request for comment on South Korea’s proposal.

Numbers behind the plan

According to the “Basic plan and preliminary feasibility study for the Incheon Formula One Grand Prix,” released by the city on April 16, projected revenue over five years stands at 1.16 trillion won ($790 million), against costs of 802 billion won, pointing to economic feasibility.

A separate analysis that accounts for inflation and value-added tax also indicates viability. Revenue is 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 are projected at 1.04 trillion won.

The study, conducted by Tilke and the Korea Industrial Development Institute, forecasts 120,000 visitors per day over the three-day event, with an estimated 580 billion won in tourism revenue and around 4,800 jobs created.

Based on those findings, Incheon plans to consult the Ministry of Culture, Sports and Tourism on approvals tied to hosting the race. That includes revising the enforcement decree of the International Athletic Games Support Act and undergoing review by a committee that evaluates bids for global sporting events.

The city will also seek a feasibility review from the Korea Institute of Sports Science and gauge private sector interest before issuing a call for private operators within the year. The goal is to select partners by year’s end and draft a base plan next year, with an eye on hosting a race in 2028.

Still, concerns have been raised about whether private investors will take on most of the project’s costs. Critics warn that backers may seek public subsidies or financial guarantees to cushion potential losses.

Political uncertainty could also affect the outcome. Local elections set for June 3 may influence the project’s direction. Park Chan-dae, the Democratic Party candidate for Incheon mayor, has voiced doubt over the projected benefits of staging an F1 race.

South Korea has been down this road before. This time, the proposal depends on a different model, a different location, and a fresh set of numbers. Whether that is enough to carry it to the grid in 2028 remains to be seen.