In a groundbreaking move, Thailand has just greenlit a staggering $1.27 billion project in a bold bid to bring the prestigious Formula 1 race to the bustling streets of Bangkok. This ambitious project aims to secure hosting rights for an F1 event starting in 2028, with discussions already underway with the Formula One Group.
The Thai cabinet’s recent approval of this multi-billion dollar venture marks a significant milestone in the country’s relentless pursuit of becoming a major player in the world of motorsports. The approved project includes plans for a state-of-the-art 5.7-kilometer circuit centered around Chatuchak Park, a stark deviation from a previous design that revolved around The Grand Palace.
This massive investment comes on the heels of extensive deliberations between Thai officials and the Formula One Group over several months, culminating in the signing of a memorandum of understanding with a proposed hosting fee of approximately $55 million, putting it on par with other prestigious Grand Prix events around the globe.
Anticipation is mounting as Thailand sets its sights on attracting a whopping 300,000 fans over a race weekend, injecting a projected 16 billion baht into the local economy. This influx of visitors is expected to generate 14 billion baht in added economic value, 1.4 billion baht in tax revenue, attract 7 billion baht in fresh investments, and create a staggering 8000 new jobs annually.
If the Bangkok Grand Prix comes to fruition, it would secure its place as the fifth F1 race in the Asia-Pacific region, joining the ranks of Australia, China, Japan, and Singapore. With its potential inclusion in the F1 calendar, the race could potentially push the Japanese Grand Prix to its traditional late-season slot, reshaping the global motorsport landscape.
Thailand’s deepening ties with F1 are further underscored by the presence of Thai-British driver Alex Albon and the majority ownership of Red Bull by Thai billionaire Chalerm Yoovidhya, cementing the country’s growing influence in the high-octane world of Formula 1. Stay tuned as Thailand gears up to revolutionize the F1 circuit with its bold and visionary $1.27 billion project.
