Thailand moves a step closer to hosting a grand prix as the country's cabinet approves a bid to host a street race in Bangkok.

Thailand’s cabinet approved a proposal for Bangkok to host a Formula One race for at least five years starting in 2028, earmarking 41.4 billion baht ($1.3 billion) in an effort to boost the nation’s image as a venue for international events and luxury tourism.

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