Thailand will host a Formula 1 Grand Prix in November 2014.
Sports Authority of Thailand governor, Kanokphand Chulakasem, said the government would fund 60% of the cost, with the rest coming from sponsors, including Red Bull and Singha Beer group.
The SAT governor said talks were ongoing between F1 supremo Bernie Ecclestone and representatives of Red Bull chief Chalerm Yoovidhya.
"Once the negotiations are completed, we will bring this before the Cabinet for approval," he said.
"We will sign a deal only after we get the nod from the government… however, we will not pay a fee as high as Singapore," he said.
The authority says the race could be hosted on Rajdamnoen Road, Bangkok, at a special circuit built at Muang Thong Thani, or in the Bangkok Port area.
