Williams F1 is to be involved in the development of a 3.1-mile race track and leisure complex that is planned to be build in Incheon, Korea, by 2016. The facility will be on Yeongjong Island, close to Incheon International Airport. Lamborghini is also involved in the project. The aim is to create a venue where the new rich in Asia will be able to enjoy motor sport activity, in much the same style as the US motor racing “country clubs” that have popped up in the last 10 years.
The project is being fronted by an investment firm called Weingrow Partners which says the facility will be the “world’s first exclusive lifestyle and racing club”, a rather elevated claim given the developments mentioned above and such facilities as Aida in Japan and Ascari in Spain. The catchment market will be the 73,000 supercar owners in the region, who will all be within a few hours of Incheon by air. Membership is unlikely to be cheap.
The plan is for members to be able to drive supercars and F1 machinery provided by Williams and Lamborghini.
The plan is for an FIA Grade 1 racetrack, designed by Britain’s Apex Partners, plus a 220-room luxury hotel with restaurants, bars, conference centre and driving training facilities. The aim is to raise the funding from investors and the project will be overseen by EDG Korea, the local offshoot of the EDG company, which has created over 100 projects worldwide including involvement in Ocean Park in Hong Kong, Nanshan Cultural Tourism Resort in China, Disneyland Resorts in Hong Kong, Tokyo, Paris, Orlando and Anaheim, and Battery Park City and World Financial Center in New York. The Hollywood-based organisation has active projects in China, Korea, Malaysia, UAE, Egypt, and the US.
The project has the support of the Korean government and the city of Incheon which hope that the project will boost tourism.
Sounds like the perfect place for a Korean GP…
It looks increasingly like Williams is diversifying into more and more fields. This is surely a good thing as they won’t be so reliant on finding big sponsors for the team.
Do you expect this project to bring new sponsors to the team from that region, Joe?
What is odd is that Williams has made nothing of the story, although CEO Alex Burns was at the launch. I doubt the team has made any investment in such a project and is probably only involved because it will be making money by supplying cars. It is a bit of a mystery because Weingrow is not some fat investment company, a la CVC, but rather a start-up that was set up in March last year by Akis Stark, who was previously employed for two years with Samsung’s Global Strategy Group in Korea. Prior to that he spent two years with the Green Energy Investment team at Google. It seems that he is Greek and was working in automotive engineering for five years prior to that, after graduating from Imperial College, London in engineering back in 2003. He has an MBA from INSEAD, which is a useful qualification. Raising the money needed for such a project will not be easy, even in Asia. I doubt Bernie Ecclestone is involved with the project, however, as the track is being designed by Apax Partners and Ecclestone projects tend to use Tilke.
Apax Partners would be a surprise as circuit designers, but could well be putting some money in: they have always sounded like “some fat investment company, a la CVC”. In fact, didn’t they finance one of the downward-spiral buyouts of Brands Hatch?
Sounds like the perfect place for a Korean GP…
- sure does Joe!
And only ten minutes from my house! I ronde I’d they’ll allow spectators… I guess its time to start getting cozy with the local officials again…
Cool, it would be great if you keep us all informed on actual activity happening there, so we can see if this really does happen chrisyurhee.
It does sound like the sort of plan (and location?) the Korean GP should have had.
I’m worried that my comments will be similar to ones I made on another ‘Fanatic’ F1 blog about the Yeongam F1 track years ago….
Seems like a clever move for Williams. From what you muttering rotters say about the existing venue in Korea it also seems a better place for the race
“…seems like a better place for a race.” Now that’s an understatement! LOL!
There’s big casino and leisure development projects coming up in that spot as well, Incheon airport getting a 2nd terminal, sounds the goods compared to Yeongam and the supposed mini city built around the track.
Inje Autopia will be finished this year … http://www.youtube.com/watch?v=B3VulDaWxh0&list=PLnf1jEX_KwrDSPawY3PfzHi5Q84BFjhlQ&index=96
The casino is near Ulwangri beach on the west side of the island, and the second terminal is already built. They’re starting the third one soon.
I think I know where they are going to build the track…
The UAE projects EDG have on their website don’t necessarily fill one with confdence…
Joe
I spent one day at Ascari last year. It was a great experience, expensive (more than €2.000 for one day driving) but a wonderful experience. It wil not be an easy task for the Koreans to improve the facilities they have at Ascari. It goes without saying that trying to duplicate the charm of the area where Ascari is located (Southern Spain) is impossible. Many thanks for your blog. All the best,
S.O.
I hope the artist impressions stay that, even Tilke could do better.
Look like Barcelona plus few more squiggly lines … http://www.koreatimes.co.kr/www/news/biz/2013/02/388_130750.html
Looks more like Valencia to me,and seems very much like they have used the same set of sweeps into hairpins about 3 times.Looks completely characterless IMO.
This is not an F1 circuit. It’s a track for rich guys to fang their $$$$ cars around.
I think the circuit would be good for those purposes. Good combination of fast and slow.
Challenging corners like turkey T8 or Eau Rouge are not what amatures need.
It reminds me of Jacarepaguá
“Sounds like the perfect place for a Korean GP…”
Your last comment Joe is where the problem would seemingly lay. How could the Korean gov’t invest millions in the Yeongam facility and then support a competing facility elsewhere? Not a large enough country to have two venues and have both succeed.
Are they (the gov’t) possibly conceding the error of their Yeongam decision by going to Inchon to get their International motorsport recognition?
I do not believe that the national government invested anything in Yeongam. It was the regional government, I believe. The Incheon concept is far from being definite and there is no sign of any F1 ambitions. However, if it is ever built then it might make sense if someone was willing to pay the fees. It is however an awful lot of ifs and maybes, so I think we should worry about that when the track is built.
It was the regional government that funded the Yeongam track.
Digging deeper, there are a lot of ifs and maybes. Too many. The big question is; “Are they trying to raise capital for the project, or is it already funded?”
Their hotel will have to compete with the Hyatt Incheon by the airport, which is adding another 500 rooms as I write this. Also, their are only a few other ‘fancy’ restaurants, etc. here. The rest of the island is not a Blackpool, but it’s not far from it. That’s why we moved here- it’s quiet.
I’m starting to get that feeling I had when the F1 track in Yeongam was announced…
“there”, not “their”. I haven’t finished my first cup of espresso yet!
DT and I went for a wander around there one year when we had to kill some time before a flight. Nice beaches, not too developed, still a few restaurants in shacks on the beach and so on. Left a good impression.
You should see it now. You were probably at Ulwangri beach. They have really built up the place in the last few years. I still think the restaurants are shacks, though!
Joe can I ask, if I may, if there are still returns, financial or otherwise, that Williams get from their involvement with the Qatari banks and royal family? Didn’t they build a race track there or a testing facility?
No.
They built a research centre.
For those who may be interested, a Williams car from 1998 or 1999 [could be wrong, I'm guessing] is currently sitting on display in the entrance to offices on Fleet street in london. It dates from their white/red period when they were sponsored by Winfield.
I was stunned to see it as I walked past yesterday. Looked FANTASTIC !
By definition, the Winfield-Williams could never look fantastic, I’m afraid.
But thanks for the heads-up anyway…
Check Highland Motorsport Park on Google and take a look at the track being developed in Cromwell, Central Otago, New Zealand. Magnificent track, superb location, the best wines and food in the world, and a friendly welcome unlike any other for car fans……..
Are they trying for a F1 race there?
And I thought Yeongam was too far South!
A few sports car races and local championships, passenger car and tyre manufacturer testing plus run as a private club for members with the where withall to own some of the wonderful exotica available. Its just a little further south than Melbourne so you never know.