South Korea wants to host a Formula One race for the first time since 2013 after unveiling a new circuit design that officials say is financially viable from 2028.
The plan would see races held on a five-kilometre street circuit in the city of Incheon, just outside the capital Seoul.
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The Korea Times reports that a study released by Incheon city found that expected revenue over five years would be about A$1.1 billion, compared to projected costs of A$755 million.
Songdo Moonlight Festival Park was revealed as the preferred site for the circuit.
The Korean Grand Prix was part of the Formula One calendar at a different circuit in the south of the country from 2010 but was axed after three years because of costs and tepid interest locally.
Incheon city officials said Thursday their new plan can bring in money and they hope to draw up to 400,000 visitors over the three-day race weekend.
Incheon city reveals how the new circuit would lookSource: Supplied
Incheon Mayor Yoo Jeong-bok told reporters they are aiming to stage the first race in 2028.
The track design was developed after looking at street circuits in Singapore and Las Vegas.
“It is possible to link the F1 Grand Prix, which has developed into a form of entertainment, with K-culture,” the plan says.
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“We expect to hold various cultural performances, such as inviting world-famous artists, to elevate Incheon’s cultural and tourism infrastructure to a world-class standard.”
Formula One currently holds races in 24 locations around the world, including China, Japan and Singapore.
Vietnam was set to stage a race in 2020 but the event was cancelled because of the Covid-19 pandemic and has not appeared on the calendar since.
Thailand last year approved a bid to host a race there.
F1 did not immediately reply to a request for comment on South Korea’s plans.amk/pst