Thailand has taken a significant step towards hosting a Formula 1 Grand Prix after the country's cabinet approved a bid for a street race in Bangkok. The approval of the funding, amounting to 40 billion Thai baht (£907 million), is crucial for advancing talks with Formula 1 management.

The proposed 3.54-mile circuit will be constructed around the Chatuchak Park area, located northeast of the city center. This strategic location is expected to provide a vibrant backdrop for the high-speed spectacle, blending urban scenery with the thrill of motorsport.

Thai government spokesman Jirayu Houngsub emphasized the potential economic benefits, stating, "In the next two-three years, Thailand will have world-class competition, which we never thought would happen in Thailand." The government views the F1 race as a catalyst for promoting tourism, a vital sector of the national economy.

Formula 1 chief executive Stefano Domenicali met with Thai Prime Minister Paetongtarn Shinawatra in March to discuss the ambitious plans. The collaboration aims to bring the prestigious event to Bangkok, marking a new chapter in Thailand's sporting history.

This initiative not only highlights Thailand's growing influence in the global sports arena but also underscores its commitment to hosting major international events. The Bangkok Grand Prix is poised to become a must-watch event on the F1 calendar, attracting fans and tourists from around the world.