P1racenews AI automatic summary:
Thailand’s cabinet has approved to set aside $1.2billion to allow the country to bid to host a Formula 1 Grand Prix.
Thailand’s cabinet has approved $1.2 billion to bid for hosting a Formula 1 Grand Prix in Bangkok, potentially debuting in 2028 with a five-year contract planned for the event. The proposed street circuit would be built in the Chatuchak Park area, confirmed by Tourism Minister Sorawong Thienthong.
Government spokesperson Jirayu Houngsub emphasized the significance of the event for Thailand’s tourism and economy, expressing excitement for the world-class competition to come in the next few years.
The commercial appeal of F1 races has led to countries like Thailand vying to host Grands Prix, seeking to replicate the economic success seen in events like the Las Vegas GP.
The go-ahead for the bid follows talks between F1 CEO Stefano Domenicali and Thai officials, with driver Alex Albon playing a crucial role in the project’s development and expressing excitement for a potential home Grand Prix in the future.
The commitment from Thailand to host a Grand Prix has been lauded, with stakeholders optimistic about the potential long-term success and economic benefits that such an event could bring to the country.
