Sorawong Thienthong made the comment on Friday (May 30) during an update on the plan, following Prime Minister Paetongtarn Shinawatra’s meeting with Formula One Group CEO Stefano Domenicali at the recent Monaco Grand Prix.
Mr Sorawong said a feasibility study and budget proposal would be ready to present to the Cabinet on Wednesday, following talks with potential sponsors of the highly anticipated Thailand race, reports the Bangkok Post.
The minister said the financial returns would be “definitely seen during the first year, directly and indirectly”, and that it depends on how many years the contract will last.
The cost of staging a Formula 1 race varies greatly, but it can range from US$200 million (B6.5 billion) to over $1 billion for construction, with annual hosting fees potentially reaching $55mn. While many events generate substantial revenue, profitability depends on various factors including ticket sales, sponsorships and overall economic impact.
Mr Sorawong said the prime minister had asked him to go to Singapore to assure the F1 team that Thailand is still interested in hosting the race in 2028. Thailand has long sought to host F1 but there was a pause in the negotiations, which resumed during the Srettha Thavisin administration, he said.
He added that routes in Bangkok are expected to be included in the race, with four to five being studied. F1 is interested in having more street circuits, which is why “we were approached”, he said.