Towards a South Korean F1 Grand Prix in Seoul in 2016?
South Korea could return to the F1 calendar by 2016 following discussions between Bernie Ecclestone and a delegation from the Land of the Morning Calm in the Singapore paddock.
After being on the Formula 1 calendar between 2010 and 2013 with the Yeongam circuit, South Korea could once again apply to host a Grand Prix, but this time the race could take place on the streets of Seoul, its capital, and at night.
A discussion indeed took place in the Singapore paddock between a South Korean delegation and the FOM president, Bernie Ecclestone, reports the website Today. The financial chief of Formula 1 reportedly showed great interest in the Korean project, which would be heavily inspired by the race organized in the City-State.
It should be noted that the delegation in question is not linked to Korea Auto Valley Operation (KOVA) which organized the Korean Grand Prix between 2010 and 2013. The race disappeared this season after accumulating losses amounting to $200 million. However, it was led by Chung Yung-Cho, former executive head of KOVA, who was dismissed in January 2013 after playing a significant role in bringing F1 to Yeongam.
« Chung showed Bernie images of the proposed street circuit and he liked it, » explained a source close to the matter to Today. « They are currently discussing entry fees and have tentatively reached an agreement for a race to be held in downtown Seoul in 2016. Singapore took less than a year to build the pit facilities, and Chung is confident that his team can construct them in the same time frame. »
The advantage of such a project would be both in terms of the organization cost, considered much lower than the Yeongam race, and in terms of ticket sales, which would be more fruitful. As a reminder, the permanent circuit built at the end of the 2000s and barely finished during the first F1 visit had cost 260 million dollars, without ever finding its audience. In contrast, a race like Singapore would cost 150 million dollars each year and generate 100 million dollars in tourist revenue.
« The model of the Singapore Grand Prix is attractive, and if we can do the same thing in our city, it will be more interesting for people to buy tickets to watch the race. I think it will work for South Korea this time if Bernie and Chung can reach an agreement, » concluded the source.
