The prime minister met executives of Formula One Group in Milan on Sunday (May 19) ahead of the Emilia-Romagna Grand Prix at Imola, reports the Bangkok Post.
Mr Srettha told reporters that Thailand needed international sporting events to boost tourism, and the government wanted the country to be a venue of the Formula One World Championship.
Also present in the meeting were Chatchai Phromlert, chairman of PTT Plc, and Kavin Kanjanapas, president of BTS Group Holdings Plc.
The prime minister said he invited both men along as he expected PTT to sponsor the construction of the new circuit and BTS Group Holdings was the concessionaire of the vast compound of U-Tapao airport. The prime minister said his delegation received a positive response from Formula One Group.
“I believe that the we and the organisers both want (this) to happen. I am confident that there will be good news in a few months,” Mr Srettha said.
There could be F1 and F2 events at the track, and also events for young racers, he said. In-depth details had yet to be discussed, but the government would be ready to start construction of the circuit in 2027 or 2028 at the latest, the prime minister said.
During his trip to Italy, Mr Srettha on Sunday visited the Autodromo Enzo e Dino Ferrari Formula One circuit in the town of Imola, east of Bologna.
An evaluation of the amount of revenue Formula One will generate for Thailand has not been conducted, said Mr Srettha.
To give an idea how much it could be, he said VIP tickets to the event cost between US$ 5,000 and 8,000 per person while other revenue streams will come from sponsors, food sales at the event and tourism.
During Formula One Group’s visit to Thailand last month, Mr Srettha discussed with the company’s CEO Stefano Domenicali the feasibility of organising a Formula One race in the country, with the CEO saying he hoped to cooperate with the Thai government.