Thailand approves $1.2 billion budget to host F1 event in Bangkok

Thailand is accelerating its ambitions to join the Formula 1 calendar after the government approved a $1.2 billion budget aimed at securing a spot on the prestigious motorsport circuit.

The cabinet greenlit the funding plan on Tuesday, marking a major step forward in the country’s bid to host a Grand Prix in the capital city of Bangkok.

According to officials, the proposal includes a five-year contract starting in 2028 and the development of a new 3.54-mile street circuit through the Chatuchak Park area, northeast of the city center. Tourism Minister Sorawong Thienthong confirmed the initiative following the cabinet's decision.

Government Sees Economic and Tourism Potential

The Thai government is positioning Formula 1 as a cornerstone of its broader economic and tourism development strategy. Government spokesperson Jirayu Houngsub expressed optimism about the international impact of hosting an event of this caliber.

“In the next two-three years, Thailand will have world-class competition, which we never thought would happen in Thailand,” Jirayu said. “This will elevate our country's image and stimulate tourism and investment.”

Earlier this season, Formula 1 CEO Stefano Domenicali visited Bangkok to discuss the potential race, reinforcing the growing collaboration between the Thai government and F1’s leadership.

Subsequently, Thailand reportedly signed a memorandum of understanding with Formula 1, showing clear intent to finalize the agreement.

While the current F1 calendar already features 24 races, it is believed there may be room for Thailand to join as some European races transition to a rotational basis in future seasons.

Local Support and F1 Interest Growing

The bid has received high-profile support within the sport, particularly from Thai-British Formula 1 driver Alex Albon of Williams Racing. Albon visited Prime Minister Paetongtarn Shinawatra earlier this year and has been following the project’s progress closely.

“It's moving along, obviously nothing's finalised but it's really good to see the commitment from Thailand,” Albon said at the time. “They're taking it very seriously. And I think as a product, they have a very strong product.”

He added, “I’ve seen a generic look at what they’re trying to do with it. And yeah, it looks good… I’m following a lot of interesting events.”

• Read also: Formula 1 extends Montreal’s spot on calendar through 2035

Earlier this season, Formula 1 CEO Stefano Domenicali also visited Bangkok to discuss the potential race, reinforcing the growing collaboration between the Thai government and F1’s leadership.

If successful, the Bangkok Grand Prix would become the latest addition to a growing roster of Asian F1 venues and mark a significant milestone in Thailand’s emergence as a player on the global sporting stage.

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