Thailand commits $1.2billion to bring F1 to Bangkok

Thailand has moved another step closer to bringing a Formula 1 grand prix to the streets of Bangkok after its cabinet approved a bid during a meeting on Tuesday.

The plan would see F1 welcome Thailand onto its calendar from 2028 on an initial five-year contract, with $1.2billion now agreed to be set aside for the bid.

The news was announced during a press conference in which tourism minister Sorawong Thienthong mentioned the 11-figure sum that had been approved - meaning a race in Thailand looks more likely than ever.

Earlier this season, F1 CEO Stefano Domenicali visited Bangkok to discuss the potential of racing in the capital, while Willams’ Thai driver Alex Albon has subsequently spent time with the prime minister.

Following in the footsteps of Domenicali, Albon held talks with Paetongtarn Shinawatra before heading to April’s Japanese Grand Prix and was impressed by what he saw from the current designs.

“It's moving along, obviously nothing's finalised but it's really good to see the commitment from Thailand,” Albon said at the time of his visit.

Alex Albon, Williams

Photo by: Sam Bagnall / Motorsport Images

“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.”

Thailand officials are keen to land an F1 race given the revenue that comes from staging a round of the world championship and it has been reported that the government has a memorandum of understanding in place with F1.

It remains to be seen how and where a Thailand Grand Prix would fit on the current F1 calendar, which already holds 24 rounds, a number Domenicali has suggested the series does not want to top despite there being space for one more grand prix within the current regulations.

But with various European rounds set to go on rotation in the coming years, there is likely to be a gap to slot in the Bangkok race.