Thailand's cabinet has approved a US$1.2 billion bid to host a Formula One street race in its capital Bangkok in 2028, government officials said on Tuesday.

Thailand is accelerating its ambitions to join the Formula 1 calendar after the government approved a $1.2 billion budget.

Thailand’s place on the Formula 1 calendar inched a little closer after the country’s cabinet approved a $1.2billion bid to host a street race in the Thai capital from 2028