Thailand’s cabinet has approved to set aside $1.2billion to allow the country to bid to host a Formula 1 Grand Prix.
F1 is a step closer to racing on the streets of the Thai capital city of Bangkok after the government has given the green signal for a formal bid to be made.
Autosport reports that this would see the race debut on the calendar as soon as 2028 and would be signed up on an initial five-year contract.
It is also being suggested that the upcoming bid would include a plan to build a 3.54-mile street circuit that traces across the Chatuchak Park area located north east of the city centre. The news was confirmed by the Tourism Minister Sorawong Thienthong.
Government spokesperson, Jirayu Houngsub also detailed how the event would be a big addition to the Country’s tourism sector and its overall economy.
“In the next two-three years, Thailand will have world-class competition, which we never thought would happen in Thailand,” he said.
The commercial appeal of hosting Grands Prix has made F1 races become a big attraction amongst potential hosts with Countries fighting tooth-and-nail to get a slot on the calendar.
The inaugural Las Vegas GP, back in 2023 had a net economic impact of $1.5 billion, and followed it up with a figure of $934 million last year. Thailand will be hoping to emulate a similar model in terms of maintaining the long-term success of its proposed project.
Alex Albon excited to see a potential home Grand Prix develop
Announcement of the bid getting a go-ahead comes after F1 CEO, Stefano Domenicali held talks with officials in Bangkok, earlier this year. Thai-British driver, Alex Albon has also played a crucial role in getting the ball rolling.
He spent time with Prime Minister, Paetongtarn Shinawatra in the lead up to the Japanese Grand Prix and revealed his thoughts on having a potential home Grand Prix on the calendar soon.
“It’s moving along, obviously nothing’s finalised but it’s really good to see the commitment from Thailand,” the Williams driver had said of his meeting in April.
“They’re taking it very seriously. And I think as a product, they have a very strong product. If you see the projects…If you see how serious they are.
“I’ve seen a generic look at what they’re trying to do with it. And yeah, it looks good, I don’t think I can say [much more]. So I’d rather stay quiet on it. Again, I don’t want to say too much but I’m following a lot of interesting events.”
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