Despite a delay in this week's cabinet meeting, the government remains committed to proceeding with an in-depth study of a business model for a Formula 1 (F1) race in Bangkok, with Chatuchak district expected to host a race from 2028.
Thai driver Alex Albon is interested in helping promote the event.
The Ministry of Tourism and Sports has already submitted a proposal to the cabinet requesting a budget for the study, which aims to clarify the business model and organisational details after signing a memorandum of understanding (MOU) with F1 last month. The ministry allocated 16 million baht (US$500,000) for the preliminary study.
However, this agenda was postponed for the second time this week as the cabinet awaits opinions from relevant ministries.
Tourism and Sports Minister Sorawong Thienthong said the value of the investment to host a race has not yet been finalised, pending the results of the in-depth study. He expressed a preference for the private sector to host the event, with the government serving as a backup.
Based on discussions with multinational companies, Mr Sorawong noted several are interested in sponsoring the event if Thailand can secure a licence from the Fédération Internationale de l'Automobile (FIA).
He said that after a meeting with Mr Albon, who drives for Williams, the driver agreed to help promote the event in Thailand if a licence is obtained.
“The cabinet’s consideration next week covers the in-depth study to evaluate the investment budget, organisational details, and infrastructure preparation," said Mr Sorawong.
"After several meetings with the FIA, including attempts by previous governments, this is the closest Thailand has come to hosting its first F1 race.”
Currently, the Singapore Grand Prix is the only F1 race in Southeast Asia, following the dropping of the Malaysian Grand Prix from the calendar in 2018.
He added that many countries have approached the FIA, which is interested in Thailand hosting a street circuit rather than a purpose-built track.
The most likely location remains the Chatuchak area, and contracts typically last five years, said Mr Sorawong.
“If we can sign a contract this year, the government is ready to start promoting the event from next year,” he added.
As the government has set 2025 as the “Amazing Thailand Grand Tourism and Sports Year,” Mr Sorawong said the ministry, led by the Sports Authority of Thailand, also proposed refurbishing abandoned sports venues in various provinces as part of an investment scheme using the stimulus budget of 157 billion baht.
Of the 99 projects worth 1.75 billion baht, Rajamangala National Stadium—the largest sports venue in Thailand—would be renovated to host both sports and entertainment events, such as concerts.