A plan to extend Thailand's role as a host of MotoGP races until 2025 was approved by the cabinet yesterday.
The licence to host MotoGP events will expire this year. The proposal to renew the licence was drafted by the Tourism and Sports Ministry.
Traisuree Traisanakul, deputy spokeswoman for Government House, said the government will pay for half of the 50 million euros (1.7 billion baht) needed to retain the MotoGP licence for five more years.
Ms Traisuree said to secure the rest of the funds, the Sports Authority of Thailand can first seek private sector support before returning to the government for additional help.
Deputy prime minister Anutin Charnvirakul said hosting MotoGP events will help boost the national image and income.
MotoGP races were set to start in March in Buri Ram, but they were postponed due to Covid-19. Mr Anutin said he did not know when racing would resume.