Thailand has moved a step closer to hosting a grand prix after the country's cabinet approved a bid to host a street race in Bangkok.

The approval of the funding for the race was a necessary step before Thailand could move forward with talks on a contract with Formula 1.

Thai government spokesman Jirayu Houngsub told a news conference that the bid for a race from 2028-32 is worth 40bn Thai baht (£907m).

The plan is to build a 3.54-mile circuit on a route around the Chatuchak Park area north east of the city centre.

The Thai government hopes the F1 race will help promote tourism, which is a key driver of the country's economy.

"In the next two-three years, Thailand will have world-class competition, which we never thought would happen in Thailand," Jirayu said.