Incheon City Secures Economic Viability for F1 Grand Prix... Mayoral Election a Key Factor in Hosting Bid
by Park Haesook
Published 16 Apr.2026 15:06(KST)
Updated 16 Apr.2026 15:08(KST)
Preliminary Feasibility Study Shows B/C Ratio of 1.45
Tourism Revenue of 580 Billion Won and 4,800 Jobs Expected Over Five Years
Park Chan-dae: "Difficult to Expect Tangible Results" ... Community Remains Divided
Yoo Jung-bok: "A Key
As debate continues within the Incheon community regarding the bid to host the world-renowned Formula One (F1) Grand Prix, the Incheon city government has expressed its strong determination to move forward, citing the economic viability of the event.
On April 16, the city announced that both the economic feasibility and business profitability of hosting the F1 Incheon Grand Prix were found to be sufficient, based on a preliminary feasibility analysis.
According to the results of the "F1 Incheon Grand Prix Master Plan and Preliminary Feasibility Study" released by the city, if the event is held for five consecutive years, the total benefit is estimated at 1.1697 trillion won, while the total cost is projected at 802.8 billion won, resulting in a benefit-cost ratio (B/C) of 1.45. A B/C ratio of 1.0 or higher is considered to indicate economic feasibility.
The financial analysis also showed a total revenue of 1.1297 trillion won and total costs of 1.0396 trillion won, producing a profitability index (PI) of 1.07, which demonstrates business profitability. This study was jointly conducted by Tilke, a German circuit design specialist, and the Korea Industrial Development Institute.
The city plans to minimize the burden on public finances by establishing a private-sector-led event operation structure. The combined budget support from the central government and the city is estimated at 237.1 billion won. Based on the results of the study, the city announced that it will continue to refine the revenue and cost structure in consultation with private promoters and the F1 organization.
The proposed circuit for the F1 Incheon Grand Prix, envisioned as an urban race similar to those in Singapore and Las Vegas, is the area around Songdo International City’s Dalbit Festival Park. This location is highly regarded for its accessibility, being close to Incheon Bridge, Waterfront Lake, and Central Park, and in proximity to Incheon International Airport and Incheon Subway. The planned race track is 4,960 meters in length, with a maximum speed of 337 km/h, meeting the modern F1 circuit Grade 1 standards.
The F1 Incheon Grand Prix is expected to generate 580 billion won in tourism revenue and create 4,800 jobs, with live broadcasts in 180 countries and an estimated 300,000 to 400,000 domestic and international visitors over the three days of the event. Based on the study results, the city plans to consult with the central government on revising the Enforcement Decree of the International Sports Events Support Act and the event approval process, as well as to gauge corporate interest in participation and select private operators through a public bidding process.
Incheon Mayor Yoo Jeong-bok officially initiated the bid by delivering a letter of intent to the CEO of the Formula One Group in April 2024.
However, the Incheon community remains divided on hosting the F1 Grand Prix. Resident groups in Songdo, Cheongna, and Geomdan actively support the bid, arguing that bringing one of the world’s top three sports events, alongside the Olympics and the World Cup, would raise the profile of both Incheon and South Korea and have a positive economic impact.
On the other hand, the "Incheon Countermeasures Committee Against Hosting F1," comprised of 52 civic groups including the Incheon Peace and Welfare Solidarity, has expressed concerns about the potential deterioration of Incheon’s finances, urban traffic congestion, and the negative effects of noise and dust. Assemblyman Park Chan-dae, the Democratic Party candidate for Incheon mayor, also voiced opposition, stating that "it is difficult to expect tangible results" from hosting F1. As a result, the outcome of the upcoming Incheon mayoral election in June is expected to be a key factor in determining whether the city will host the F1 Grand Prix.
Mayor Yoo Jeong-bok stated, "Hosting the F1 Grand Prix will be a key driver for transforming city branding and the tourism industry," adding, "Through hosting F1, we will dramatically increase Incheon’s share of inbound tourists-which currently stands at 6.1%-and turn Incheon from merely a transit point into a global destination."
Incheon Mayor Yoo Jeong-bok is meeting with Dominicali (second from the left), CEO of the Formula One Group, in April 2024 to deliver a letter of intent for hosting the F1 Incheon Grand Prix. Courtesy of Incheon City.
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