South Korea eyes F1 return with Incheon street race bid

(GMM) South Korea is once again eyeing a return to the Formula 1 calendar, with a new street race project in Incheon gathering momentum.

According to Korea Times – a regional South Korean newspaper – a financial feasibility study has already given the proposal a “green light”.

The plan centers on a 4.96km street circuit around Songdo Moonlight Festival Park, designed to meet top-speed requirements of up to 337kph and potentially attract 300,000 to 400,000 visitors per event.

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 the optimal location to host F1,” mayor Yoo Jeong-bok said, calling it “a decisive opportunity to enhance Incheon’s urban competitiveness and international standing.”

However, the proposal is already politically divisive, with opposition figures describing it as a “showcase administration” and a “vision without substance”.

Auto Motor und Sport reports that the Incheon project is the latest in a series of Korean attempts to revive Formula 1 following the collapse of the Yeongam race after 2013.

The German publication notes that while interest in Asia remains strong, Formula 1 is increasingly cautious about new venues.

A target debut of 2028 is being discussed, but there are currently no concrete negotiations with Formula 1 management.

Crucially, no new races are expected to join the calendar in 2027, with existing rotation plans – including Portimao potentially replacing Zandvoort – already taking priority.

Previously, Grands Prix took place at the Korean International Circuit in Yeongam, with Sebastian Vettel winning three of the four races between 2010 and 2013.

Mercedes team principal Toto Wolff has already stated that he believes Korea is an “untapped market”, when speaking to Reuters last year.

“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 said.

“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.”