Thailand governor of the Sports Authority, Kanokphand Chulakasem confirmed that they will stage a Formula 1 race in November 2014.
Thai also decided to hosting place, Ratchadamnoen Street and Muang Thong Thani are among possible site to host a Formula 1 Grand Prix in 2014, officials confirmed yesterday.
“A contract is likely to be signed later this year,” Kanokphand told Bangkokpost
“It is likely to be a one-year deal with an option to extend.”
Bangkokpost reported that, the government would shoulder about 60 percent of the total cost and the rest would be paid by private companies such as Red Bull and Singha Corporation, he said.
“We have been working closely with F1 officials to look for the best site,” Kanokphand added.
“Concerned parties have been in talks to finalise details,” he said.