Thailand gives green light to £1bn Formula 1 Grand Prix bid
Thailand has moved a step closer to realising an ambitious plan costing almost £1bn to stage a Formula 1 Grand Prix for the first time after its cabinet gave it the green light.
The country wants to host a street race in Bangkok on an initial five-year contract beginning in 2028.
Thailand is a fixture on the MotoGP calendar but has never had a Formula 1 race and is one of several possible new markets the sport is considering tapping into.
Talks between ministers and Formula 1 chiefs can now progress and cabinet spokesperson Jirayu Houngsub said: “In the next two-three years, Thailand will have world-class competition, which we never thought would happen in Thailand.”
Under the current proposal, a three-and-a-half-mile circuit would be built around the Chatuchak Park area in the north east of the Thai capital.
Tourism minister Sorawong Thienthong said a hosting rights fee of 40bn Thai baht (£907m) had been approved.
Thailand among Formula 1 new markets push
It follows a meeting between F1 CEO Stefano Domenicali and Thai premier Paetongtarn Shinawatra in Bangkok in March.
Later, Williams F1’s Thai driver Alex Albon said it was “good to see the commitment from Thailand. They’re taking it very seriously.
“They have a very strong product. I’ve seen a generic look at what they’re trying to do with it. And yeah, it looks good.”
It comes as both Rwanda and South Africa have shown firm interest in staging an F1 race. The series has not been to Africa since 1993.
Meanwhile Montreal has secured its place in F1 until at least 2032 after the governments of Quebec and Canada signed a five-year extension.
It comes after Sunday’s Canadian GP, won by Mercedes’ George Russell.