The Thai government has officially sanctioned a budget of $1.2 billion to host a Grand Prix in the capital city of Bangkok. With several Grand Prix venues reporting a significant economic impact through Formula One,

Despite the glitz and glamour associated with Formula 1, it isn't private or corporate wealth that keeps the sport on the road - it's the checkbook of nations.

Thailand's cabinet has approved a bid to host a Formula 1 street race in Bangkok as early as 2028, officials said on Tuesday.