The Thai government has officially sanctioned a budget of $1.2 billion to host a Grand Prix in the capital city of Bangkok. With several Grand Prix venues reporting a significant economic impact through Formula One, Thailand is eager to host a street race.

Thailand's cabinet has approved a bid to host a Formula 1 street race in Bangkok as early as 2028, officials said on Tuesday.

Formula 1 is a step closer to adding a race in Thailand after the country's government agreed to submit a $1.2billion pr