"People know Seoul because of the Olympics and the World Cup," said Chang Tae-ok, director of Seoul City's sports and youth division. "With this race, we want to market the city and show we can host any kind of event."
Champ Car chairman David Clare said the real benefit for a host city is location branding.
Indianapolis-based Champ Car has annual revenues of over $50 million, selling sponsorships and broadcasting rights.
The 25-year-old series is broadcast live on Sky, Fox, Spike TV, Middle East Broadcasting and other channels; in Korea, MBC will handle the telecast. Local sponsor KMC is spending $20 million, for which it owns local hospitality, ticketing, pouring and sponsorship rights.
The annual 16-race circuit runs in North America, Latin America, Australia and now Korea, Champ Cars has been approached by Beijing, Tianjin and Dalien to host races. "If we can develop a street circuit, we would be very interested," Clare said. "We know our model works. We think this is the future of motor sports."
Seoul latches on to motorsports to promote city
Seoul City, corporate promoter Korea Motorsports Center (KMC) and Indianapolis-based Champ Car have signed a deal to stage the Seoul Grand Prix this October.