Thailand’s cabinet on Tuesday approved a plan to bid for the right to hold Formula One races in Bangkok for five years starting in 2028, at a cost of 40 billion baht, according to the tourism and sports minister.
Sorawong Thienthong said he has already started discussions with Formula One Group and the Thailand Convention and Exhibition Bureau. He is also heading a committee to study the project, with representatives from various ministries concerned.
Government spokesman Jirayu Houngsub said the proposed race venue would be located in the compound of the Krung Thep Aphiwat Central Terminal Station (Bang Sue Grand Station) and nearby areas, and each annual event would last three days.
He said the 5.7-kilometre circuit would run from Chatuchak park to the station. It will occupy an 800-rai area in the compound of the station, 100 rai at Mo Chit 2 bus terminal, 240 rai near Chatuchak market, 163 rai in Queen Sirikit Park and about 2,000 rai behind the headquarters of PTT Plc.
The combined area would be closed for five days for each event for preparation, two days of training runs and race days.
Prime Minister Paetongtarn Shinawatra commissioned a feasibility study into hosting a Grand Prix on a Bangkok street circuit after meeting in March with Formula One chief Stefano Domenicali.
Most of Formula One’s 24-race schedule is confirmed for several years but gaps are set to open up and Mr Domenicali has reportedly suggested that Thailand could be a contender to join the circuit.
Formula One already has four races in the Asia-Pacific region, including the Singapore Grand Prix in Southeast Asia.
The Thai government has touted the idea of a “sustainable” event and said the race and associated events could generate about 20 billion in revenue for the country.
Mr Sorawong earlier expressed confidence that a Formula 1 race, if held in Thailand, would “break even” within a year.
The cost of staging a Formula 1 race varies greatly, but it can range from $200 million to over $1 billion for construction, with annual hosting fees potentially reaching $55 million. While many events generate substantial revenue, profitability depends on various factors including ticket sales, sponsorships and overall economic impact.
Formula One Group CEO Stefano Domenicali pays a courtesy call on Prime Minister Paetongtarn Shinawatra at Government House in March to discuss the possibility of Thailand hosting a Formula 1 race. (Photo: Government House)