Mayor Yoo Jeong-bok Meets with Formula One Group CEO in Japan
Incheon City has officially launched efforts to host the 'Formula One (F1) Grand Prix,' considered one of the world's top three sporting events alongside the Olympics and the World Cup.
According to the city on the 8th, Mayor Yoo Jeong-bok visited Japan on the 6th and delivered a letter of intent to the Formula One Group to hold the 'F1 Incheon Grand Prix.' Present at the meeting were Stefano Domenicali, CEO of the Formula One Group, who was attending the Suzuka Grand Prix, and Kang Na-yeon, Chairwoman of Taehwa Holdings and F1 Korea partner.
Mayor Yoo emphasized that Incheon is a global city with a world-class airport and port, 12 luxury hotels, and 15 international organizations, expressing confidence in successfully hosting the F1 Incheon Grand Prix.
Stefano Domenicali, F1 CEO, said, "We sincerely appreciate Mayor Yoo’s proactive expression of intent to host F1 by personally visiting the Japan Grand Prix," adding, "Since we have great interest in the F1 Incheon Grand Prix, we will visit Incheon soon for follow-up discussions."
Incheon Mayor Yoo Jeong-bok visited Japan on the 6th and met Stefano Domenicali (second from the left), CEO of the Formula One Group, who is attending the Suzuka Grand Prix, to deliver a letter of intent for hosting the F1 Incheon Grand Prix. [Photo by Incheon City]
Incheon City plans to hold the first Incheon Grand Prix in 2026 or 2027 and continue the event for at least five years. Unlike the Japanese or Chinese races held at dedicated circuits, the F1 Incheon Grand Prix is expected to be a city-center race like those in Monaco or Las Vegas.
Last November, the city-center race in Las Vegas, USA, attracted about 320,000 spectators for the F1 Grand Prix, generating an estimated economic impact of approximately $1.3 billion (1.75 trillion KRW).
Mayor Yoo stated, "Incheon, equipped with convenient transportation networks such as Incheon International Airport and Incheon Port, and numerous luxury accommodations including integrated casino resorts, is the optimal location for hosting F1," adding, "We will begin full-scale discussions to host F1 in Incheon."
He continued, "The F1 Incheon Grand Prix, held as a city-center race, will be a groundbreaking turning point that will unlock Incheon’s urban potential and develop it into a global city."
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