Incheon Halts Pursuit of F1 Grand Prix in Songdo; Dedicated Organization to Be Abolished on August 24

The Incheon Metropolitan Government has officially begun the process of halting its pursuit of hosting the Formula One (F1) Grand Prix, an international motor racing event that had been pushed by the previous 8th-popularly-elected city administration.

The F1 championship is counted among the world's top three sporting events alongside the Olympics and the World Cup.

It has been reported that the Incheon city government plans to abolish the International Event Promotion Division, which has been in charge of F1 hosting tasks, as part of a city organizational reshuffle to take effect on August 24.

This comes two years and six months after former Mayor Yoo Jeong-bok visited Japan in February 2024 to deliver a letter of intent to host the F1 Incheon to the Formula One Group. In April last year, prior to the June 3 local elections, former Mayor Yoo directly announced through the results of the "F1 Incheon Grand Prix Basic Concept and Preliminary Feasibility Study" that the cost-benefit (B/C) ratio came out to 1.45, indicating economic feasibility.

However, after current Mayor Park Chan-dae was elected, the mayor-elect's transition committee raised questions about the economic feasibility and hosting effects from its initial stage, recommending the suspension of the bid and putting the brakes on the initiative.

Within Incheon's local community, opinions were divided over the city's bid to host the F1 event: opponents cited the waste of taxpayers' money, traffic congestion, and noise, while supporters anticipated multiplier effects such as promoting the city and attracting global companies.

An Incheon city official stated, "Since the mayor's transition committee recommended halting the F1 bid last June, related work, including working-level consultations with central government ministries, has practically been suspended." The official added, "Because it stopped at the stage of submitting the letter of intent, there are no legal rights or obligations that need to be externally wound up."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.