Incheon F1 Grand Prix Feasibility Dispute Becomes Local Election Issue

A dispute is growing over the business feasibility of the Formula One (F1) Incheon Grand Prix that Incheon City is seeking to host. According to the city on the 13th, it recently confirmed the results of a preliminary feasibility study stating that the project has economic viability and has begun moving forward with the bid. The study assumed the race would be held in Songdo for five years from 2029 and found a benefit-cost ratio (B/C) of 1.45. In general, a B/C above 1 is regarded as indicating project viability. A financial review of revenue and costs from the operator’s perspective also showed a profitability index (PI) of 1.07, suggesting profitability could be secured. The study was jointly conducted by the Korea Industrial Development Institute and Tilke, a German circuit design specialist. Ahead of the June 3 local elections, Incheon mayoral candidates have joined the argument, making the F1 bid an emerging campaign issue. The city plans to visit the Ministry of Culture, Sports and Tourism this month to request approval as an official international event. Source: rss.donga.com