Thai cabinet approves US$1.2 billion bid to host Formula 1 street race in Bangkok
If successful, the capital will host a race from 2028 and joins four other Asia-Pacific venues in a crowded 24-race schedule
Thailand’s cabinet has approved a US$1.2 billion bid to host a Formula One street race in the country’s capital, Bangkok, in 2028, government officials said on Tuesday.
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 a world-class competition, which we never thought would actually happen in Thailand,” Jirayu said.
Tourism Minister Sorawong Thienthong told reporters the bid is worth about 40 billion baht (US$1.23 billion).
Thai Prime Minister Paetongtarn Shinawatra has held multiple meetings with Formula One chief Stefano Domenicali in recent months to push the project forward, including last month in Monaco, home to the sport’s most storied street race.
The Thai government has touted the idea of a “sustainable” race and said the grand prix would help promote tourism, a key driver of Thailand’s economy, and could benefit the kingdom to the tune of $600 million.