Thailand's cabinet has approved a $1.23 billion bid to host Formula 1 street races in Bangkok from 2028 to 2032, with government spokesperson Jirayu Houngsub announcing the initial proposal for five annual events during this period.
Tourism and Sports Minister Sorawong Thienthong confirmed the races will be held on a 5.7-kilometer street circuit in Bangkok's Chatuchak area, involving key agencies including TCEB, the Sports Authority of Thailand, and the Bangkok Metropolitan Administration.
The Thai government projects the Formula 1 events and associated activities could generate approximately 20 billion baht in revenue for the country, with officials expressing confidence the race would "break even" within a year.
The confirmation follows months of negotiations after Formula 1 CEO Stefano Domenicali met with Thailand's Prime Minister Paetongtarn Shinawatra to discuss the ambitious motorsport plan.
Officials emphasize the project aims to boost tourism, create jobs, attract investment, and elevate Thailand's global image through what the government describes as a "sustainable" world-class sporting event.
