Formula One Korea Grand Prix to be held in Yeongam, Jeollanam-do this October
The 2010 Formula One Korea Grand Prix will be held in Yeongam, Jeollanam-do from October 22nd to 24th. Formula One, the world’s most prestigious car racing competition, is one of the world’s top three sporting events, along with the Olympic Games and the World Cup.
– What is the 2010 Formula One (F1) Korean Grand Prix? –
The 2010 F1 Korean Grand Prix is a Formula One championship which is scheduled to be held in Korea in the fall of 2010. The 2010 F1 Korean Grand Prix is at the forefront of a number of pioneering projects aimed at the development of leisure cities along the southwestern coast of Korea. Korea has been approved to be one of the F1 Grand Prix venues for the next seven years, beginning from fall of 2010. The upcoming 2010 F1 Korea Grand Prix, 17th out of the total 19 events of the 2010 F1, is expected to draw as many as 110,000 spectators and 10,000 participants, including 24 drivers from 12 teams and a number of executives, and organizers. F1 is a series of races held in 19 countries worldwide (including the recent addition of Korea) and is comprised of 12 teams: 9 participants from previous years including fan favorites like Ferrari, Mercedes, and Renault and 3 rookie teams (Campos Meta 1—Spain, Virgin Racing—Great Britain, and Lotus F1 Racing—Malaysia) that are joining the race for the first time this year. Teams and drivers are awarded points after each of the 19 races throughout the season and whoever has the most cumulative points at the end racing year is declared the winner.
– F1 Korea Grand Prix Racing Track: Korea International Circuit –
F1 Korea Grand Prix, the first-ever Formula One held in Korea will be using the “Korea International Circuit” which is now under construction in Yeongam Jeollanam-do. The racing circuit, which will be completed during the first half of this year, is being constructed on a plot of land measuring 1.5 million-pyeong (about 50 million square meters) in Yeongam, Jeollanam-do. The project is expected to reach costs of approximately 250 billion KRW. The circuit, which is 5,615km long, is the longest circuit in Asia and the second longest in the world, only a little shorter than the Monza Circuit in Italy (5,793km). The arena is designed to hold a capacity of 1.2 million people, making it the largest single sports venue in Korea.
– Expected Effects –
Over the near seven years of hosting F1 racing, Korea is expecting to see profits of over 92.8 KRW from sponsorship and admission fees. It’s anticipated that the race will boost the nation’s international image and have an even greater impact than the World Cup, co-hosted by Korea in 2002. The F1 Korea Grand Prix will play a major role in increasing Korea’s international media exposure while promoting national brand image in Europe and North America. It will also give overseas visitors a chance to learn more about Korea’s traditional culture and the local region of Jeollanam-do. Other expected benefits are that the F1 will help revive Korea’s motor sport industry and increase Korea’s competitiveness in the auto industry.
– Let’s take a closer look at the F1 World Championship –
The F1 World Championship is one of the world’s biggest sports events; it’s broadcast in roughly 184 countries and watched by over 600 million people across the globe. The year 2010 marks the 61st season of the competition, since the event’s creation in 1950. The F1 World Championship is organized by the Formula One Management (FOM) and instituted by Federation Internationale de L’automobile (FIA), a UN agency, and is undisputedly the most prestigious motor sports event of all time. In fact, F1 has earned a spot alongside the Olympics and the World Cup as one of the world’s three major sporting events, subsequently boosting the auto and tourism industries.
The competition is divided into two parts: One is the ‘Drivers Championship’ awarded to the best driver and the other is the ‘Constructors Championship’ which evaluates racing skill and teamwork. Each event on the racing calendar draws 200,000 spectators on average, with a cumulative total of 4 million spectators worldwide throughout the racing year. Each participating team can have as many as 500 or 600 members, but are limited to only two drivers. Normally, racing cars use an 8-cylinder 2400cc engine, which is only slightly bigger in capacity than ordinary midsize cars but produces a whopping 750 hp. Racing vehicles can reach speeds as high as 350km/h.
Top automakers participate in the F1 with the expectation that the race results will directly influence (and hopefully increase) their brand’s marketability. The world’s leading automobile manufacturers such as Ferrari, BMW, and Mercedes-Benz have their own F1 team and annually invest an astronomical amount of money. Sponsorship money accounts for more than an additional 4 trillion KRW a year.
F1’s scheduled number of events varies each year. Last year, the F1 Grand Prix included 22 racers from 11 teams who participated in 17 different races throughout Europe, Asia, Middle East, South America and Oceania. This year’s F1 (Korea’s first ever chance to host) is expected to be an even bigger event than in previous years with the addition of several new teams.
Credit: Korea Tourism Organization