Efforts to bring Formula 1 to Thailand have progressed with approval granted for a $1.3 billion project to secure an event from 2028.

The Thailand cabinet approved plans to bid for the hosting rights for an event with discussions already underway with Formula One Group.

Huge funding boost as Bangkok targets five-year F1 deal

A key meeting last month saw Thailand take another important step closer in its efforts to secure a round of the world championship from 2028.

In late May, a meeting of the cabinet discussed the matter, with a subsequent meeting on Tuesday confirming the $1.27 billion (41.4 billion baht) project had received the go-ahead.

Further details of the project have also emerged, with local reports noting a 5.7-kilometre circuit based around Chatuchak Park in the nation’s capital, Bangkok.

The proposed circuit differs from an earlier design generated by Apex Circuit Design in 2013, which laid out a venue around The Grand Palace.

The approval of the $1.27 billion project comes off the back of discussions between officials in Thailand and Formula One Group stretching over several months.

It builds on claims that a memorandum of understanding has been signed between the two parties with a proposed hosting fee in the region of $55 million.

That would place it on par with the likes of the Saudi Arabian and Qatar Grand Prix.

A contingent from the project has travelled to a number of events on fact-finding missions, including the Australian and Emilia Romagna Grands Prix, while prime minister Paetongtarn Shinawatra met with Formula One Management boss Stefano Domenicali at the Monaco Grand Prix.

“In just two or three years, Thailand will host a world-class event we never imagined would come here. The government fully supports this initiative,” said Jirayu Houngsub, spokesman for the prime minister’s office.

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The approved 41.4 billion baht ($1.27 billion) investment is spread across five years, with 218 million baht ($6.68 million) set aside for the circuit design.

Officials in Thailand hope the event attracts a weekend crowd of 300,000 fans, which would translate into 16 billion baht into the local economy, 14 billion baht in added economic value, 1.4 billion baht in tax revenue, on top of 7 billion baht in new investments, and 8000 new jobs per annum.

A Bangkok Grand Prix would be the fifth F1 race in the Asia-Pacific region after events the Australian, Chinese, Japanese, and Singapore rounds.

While the first three listed events appear at the start of the campaign, in March or April, Singapore sits alone in the latter months – usually September.

However, that timing coincides with the highest average rainfall in Bangkok.

Should the project get across the line, it would therefore most likely appear at the start of the season – potentially pushing the Japanese Grand Prix back to its traditional late-season date.

Before then, space must be made for the addition of any event.

Currently, the F1 calendar has a full complement of 24 races, the maximum permitted under the Concorde Agreement.

However, the United States and Azerbaijan Grands Prix are both due for renewal next year, while the Austrian and Saudi Arabian deals expire the year after.

All are expected to remain, though it has been suggested Austria could move onto a rotational deal as Belgium has.

With the Belgian Grand Prix set to miss 2028 under its newest rotational agreement, there is space for the Thai event to join the calendar without a significant impact on the calendar as it currently exists.

F1 already has a deep connection with Thailand, with Alex Albon racing under the country’s flag while Red Bull is majority owned by Thai billionaire Chalerm Yoovidhya.

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