Following discussions with relevant parties on the possibility of Thailand hosting the Formula One race, Mr. Chumpol stated that the Thai government has confirmed its interest to host the racing tournament within three years time. He also revealed that a number of companies from the private sector, such as Red Bull, PTT and automobile manufacturers, have shown enthusiasm in co-hosting the event with the Thailand Convention and Exhibition Bureau (TCEB) and the Sports Authority of Thailand (SAT).
Meanwhile, Tourism and Sports Spokesperson Watchara Kannikar disclosed that , Mr. Chumpol will within this week submit Thailand's letter of intent to be a candidate to host the race to Formula One President, Mr. Bernie Ecklestone. Additionally, he will also confirm that Thailand will play host to the Race of Champions, an international motor-sport event featuring some of the world’s best racing drivers, at the National Stadium in November 2012, which will serve as a preparation for the future F1 race.
As host to the F1 race, Singapore saw a 300% increase in tourist figure. Thus, being granted the rights to host the event will greatly benefit Thailand. Initially, the budget of the event was calculated at over 10 billion baht ,given that there might be a need to build a new racing stadium. However, it is quite possible that the real cost will be much lower than previously estimated, standing in the single digit billion baht range.