The funding, approved by the Thai cabinet, paves the way for a five-year deal through to 2032.
Backed by the Ministry of Tourism and Sports and endorsed by Prime Minister Paetongtarn Shinawatra, the race would be held on a temporary street circuit in the capital.
Bangkok’s hosting plans come after meetings earlier this year between Shinawatra and Formula 1 boss Stefano Domenicali.
“In the next two to three years, Thailand will have world-class competition, which we never thought would actually happen in Thailand,” Thai government spokesperson Jirayu Houngsub said in a news conference.
Thailand already hosts MotoGP at the permanent Chang International Circuit in Buriram, but the focus for F1 is firmly on a 5.69km street circuit located just north of Bangkok’s city centre.
Current F1 regulations state that the calendar cannot extend beyond 25 races, with 24 currently on the schedule.
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Domenicali has previously suggested that 24 is the preferred number, with several race contracts for current venues set to expire before the proposed Thai Grand Prix debut in 2028.
The Dutch Grand Prix will drop off the calendar after 2026, with the race at Barcelona expected to follow suit after the addition of a new event in Madrid from next season.
Other European rounds have been touted to alternate year-to-year, while additional races in South Africa, Rwanda, and South Korea are also being considered.
Meanwhile, Formula 1 has secured the future of the Canadian Grand Prix through to 2035, with a new four-year extension for the Circuit Gilles Villeneuve confirmed after an agreement was reached between F1, race promoter Octane Racing Group, and the governments of Canada and Quebec.
The deal ensures the Canadian Grand Prix will remain on the calendar through to the 2035 season.
Canada’s race is the longest-running event outside of Europe and has been a mainstay on the calendar since 1967.
The current venue, named after legendary driver Gilles Villeneuve, has hosted the race since 1978 and is extremely popular among both drivers and fans.
“As Formula 1 celebrates its 75th anniversary, it is fitting that we have announced an extension with the Canadian Grand Prix, a race that has such incredible history in our sport and is named after a true legend in Gilles Villeneuve,” F1 CEO Stefano Domenicali said.
“Montreal is an incredible city, full of energy and passionate fans, and I am delighted to confirm that we will continue racing here through to the 2035 season.”
The local promoter has made major infrastructure upgrades in recent years and, with ongoing investment from federal, provincial and municipal governments, further improvements are planned.
In 2026, the race will move a month earlier from its traditional June slot to May, to follow the race in Miami. The change means it will clash with the Indianapolis 500 next season.
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