F1 moves step closer to new grand prix after key meeting

Thailand has moved a step closer to joining the F1 calendar after the national government agreed to submit a $1.2 billion proposal for a race in Bangkok. 

Thai authorities have been in discussions with F1 CEO and president Stefano Domenicali for a number of months regarding a possible street race in the Thai capital, with a five-year contract between 2028 and 2032 floated as a possibility.

With the government keen to drive tourism to the country, studies were carried out on the feasibility of such a project, with a cabinet meeting taking place on Tuesday (June 17th). 

As a result, government spokesperson Jirayu Houngsub has confirmed that "in the next 2-3 years, Thailand will have world-class competition, which we never thought would actually happen in Thailand."

Tourism Minister Sorawong Thienthong is quoted by Reuters as confirming the bid package is worth about 40 billion baht ($1.23 billion).

Thailand has never held an F1 grand prix, but does hold a round of the MotoGP season, held at Buriram in the north of the country. 

F1 does currently have a Thai driver on the grid in Alex Albon, who has voiced his support for the project.