Thailand approves plan for $1.2bn 2028 F1 race bid

Formula 1 is a step closer to adding a race in Thailand after the country's government agreed to submit a $1.2billion proposal for a grand prix in Bangkok starting in 2028.

Discussions have taken place between F1 and the Thai government for several months, with prime minister Paetongtarn Shinawatra and other senior officials meeting F1 CEO Stefano Domenicali - who also met Shinawatra's predecessor in 2024.

Williams driver Alex Albon, Thailand's first in F1 since Prince Bira in the 1950s, has also met with the prime minister more than once, and given his support to the event.

As the negotiations have advanced, the government committed to a study regarding the location of the circuit, necessary investments, and the overall feasibility of an event.

A cabinet meeting on June 17 gave approval to submit a formal proposal to F1 for an initial five-year contract running from 2028 to 2033, at a street track based in the Chatuchak Park area of Bangkok, Thailand's capital.

Albon said in April: "It's really good to see the commitment from Thailand. they're taking it very seriously and I think as a product they have a very strong product.

"I've seen what they're trying to do with it and it looks good."

A budget of over 40billion baht (around $1.23billion) has been allocated to the project, according to two government officials.

It has previously been reported by national media that the Thai government had already signed a memorandum of understanding with F1. The intention is for the race to be funded by the private sector with government money there as a back-up.

The main argument for an F1 race is that it fits in with Thailand's big investment in the tourism industry, which is key to the country's economy, with a target of 300,000 visitors over the usual three-day race weekend.

It is hoped to generate a value of 14billion baht per year, 1.4billion in tax revenue, a further 7billion in new investment - and around 8000 new jobs per year - and repay what has to be invested from the public sector from the first year.