Thai cabinet approves US 1 2 billion bid to host Formula 1 race in 2028

BANGKOK – Thailands Cabinet has approved a US$1.2 billion (S$1.5 billion) bid to host a Formula One street race in its capital Bangkok in 2028, government officials said on June 17.

If successful, the Thai capital would win a contract to host a race each year from 2028 to 2032, government spokesperson Jirayu Houngsub told a news conference.

“In the next two to three years, Thailand will have world-class competition, which we never thought would actually happen in Thailand,” Jirayu said.

“The Cabinet has given the green light for Thailand to submit its proposal to host the Formula One race. A budget of 40 billion baht has been allocated, and a working group will be formed to study the logistics and feasibility.”

Tourism Minister Sorawong Thienthong also told reporters the bid is worth about 40 billion baht (US$1.23 billion),in line with what Jirayu said.

In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula One chief executive Stefano Domenicali in Monaco and said that Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.

Hosting the race will help promote tourism, a key driver of Thailands economy, the government has said.

The layout of the potential circuit has not been revealed but Jirayu said it could include an area near Chatuchak market in the north of the city, which is a magnet for tourists every weekend.

The government has touted the idea of a “sustainable” race and said the grand prix could benefit the kingdom to the tune of US$600 million.

Formula One already has a crowded schedule of 24 races around the world with four in the Asia-Pacific region, including the Singapore Grand Prix at the Marina Bay circuit in South-east Asia.

Thailand has an FIA-accredited track in Buriram in