Plans for South Korea to return to the Formula 1 calendar have been revealed, suggesting a new street race in Incheon for 2028.
The nation was on the F1 calendar for three years from 2010 until 2013, however it was removed after it became financially unviable, with relatively low interest in the sport.
However, after conducting a financial feasibility study, South Korea has been given a green light to host a 4.96km street circuit around Songdo Moonlight Festival Park, according to the Korea Times.
The study was led by the Korea Industrial Development Institute and the German circuit firm led by longstanding designer, Hermann Tilke.
Together, they estimated that a South Korean Grand Prix would generate 590 billion [£289.8m] won in tourism and create 5,000 jobs surrounding the weekend.
Despite hosting the Grand Prix previously in Yeongam at the Korea International Circuit, Incheon has come out as the frontrunner to host the new era of F1 in Korea. This plan has been pushed since 2024 and proposed using existing roads rather than building a permanent track.
However, it isn’t guaranteed that Korea will take a spot on the calendar yet, as local government backing and then federal government support is needed. Only then can a tender be put in place by a promoter, which will then be reviewed by F1.
Yet Incheon plans to identify private-sector partners by the end of the year. They’re aiming for a double race in 2028.
A gap in the market
Toto Wolff previously supported the idea of Formula 1 returning. For the Mercedes team principal, he noted the growing fan base in Korea represented an untapped market. Following the rise of social media and the boost that Drive to Survive and the 2021 season brought to the sport.
“It has been a little bit of an untapped market for a while now, considering that Formula One has grown very strongly over the last few years. Particularly in the younger target group,” the Austrian told Reuters last year.
”You know, our fastest-growing demographic is young females from 15 to 24, and they are very active on social media.
“South Korea is an extremely social-media-connected country. So it would be great if we could come back and show how Formula One has changed over the last 10 years.”
It’s still in its early stages of South Korea rejoining the calendar. They’ve begun the process, but there will be many loops to jump through.
It could take several years before F1 returns to Korea. Especially as local elections loom and only one mayoral candidate supports the bid.
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