F1 reportedly planning to expand into the Asian market with new schedule stop 

Thailand is reportedly planning to bid to host an F1 race in the near future. According to reports, a billion-euro project has been approved by the government to build a 5.7 km street circuit in Bangkok.

Formula 1 has been exploring options to expand the sport into different parts of the world. South Asia is among the many regions where Formula 1 has shown interest.

In March this year, CEO Stefano Domenicali met Thailand's PM Paetongtarn Shinawatra to hold concrete talks on the possibility of hosting a Grand Prix in the country. After this, the government of Thailand has reportedly approved a project to build a Formula 1-dedicated race circuit.

According to Auto Motor Und Sport, Thailand's Tourism Minister Sorawong Thienthong Das confirmed that the government has approved a budget of one billion euros to construct a 5.7 km street circuit in the northeast of Bangkok.

The government plans to get the circuit ready by 2028 and bid for a five-year contract extending till 2032. Interestingly, Thailand has a racing circuit in Buriram where they host MotoGP. However, for F1, the country insists on having a different track.

With this plan, the Thai government reportedly expected the event to bring in lots of tourists and boost the economy by around 20 billion Thai baht.

"In the next three years, Thailand will host a world-class event, something we never thought possible here," a Thai government spokesperson told Auto Motor Und Sport.

Apart from Thailand, South Africa, Rwanda, and Morocco are likely to be in talks to bid for hosting a Formula 1 Grand Prix. However, CEO Domenicali previously stated that the process to expand the sport into Africa could take significant time.

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Alex Albon backs Thailand to host an F1 Grand Prix

Alex Albon at the F1 Grand Prix of Canada - Source: Getty

Williams driver Alex Albon is excited about the news that Thailand is reportedly planning to bid for hosting an F1 Grand Prix in the near future. F1 CEO Stefano Domenicali met the Thai government's Prime Minister earlier this year.

Albon, who is Thai from his maternal side, said the people of Thailand were excited to host Formula 1. Speaking to Autosport, he said:

"Obviously we’re trying to help get the Thai GP underway and seeing how we can help. It’s moving along. Obviously nothing’s finalized, but it’s really good to see the commitment from Thailand. They’re taking it very seriously, and I think as a product, they have a very strong product. I’ve seen a generic look at what they’re trying to do with it, and it looks good. I don’t want to say too much, but I’m following a lot of interesting events."

Since the F1 calendar is already expanded to 24 races, the authorities will likely replace a potential new venue with an existing venue.

Edited by Hitesh Nigam