The cabinet today approved a proposal from the Ministry of Tourism and Sports to bid to host Formula 1 races in Thailand for five consecutive years, starting in 2028, subject to approval by the Federation Internationale de l'Automobile (FIA), the sport’s governing body, and other F1 related entities.
Tourism and Sports Minister Sorawong Thienthong said today that the costs of organising the races for five years are estimated at about 40 billion baht, which will be approved annually by the cabinet.
He said the initial design of the project has already been worked out by the Thailand Convention and Exhibition Bureau, in cooperation with the Formula One Group, adding that the full project will be concluded within the timeframe.
Race locations are decided by a combination of factors, including financial considerations, track suitability and the FIA's regulations. Liberty Media, the commercial rights holder for F1, negotiates contracts with race organisers and promoters. The FIA, as the governing body, ensures that circuits meet the necessary safety standards (Grade 1 license) to host F1 races.
