A proposal to stage an F1 street race in Colombo, running past Galle Face and along the Beira Lake, has been submitted to Formula One, with Indian investors willing to provide the guarantee money required, TWC Holdings Chairman Thilan Wijesinghe said.
Speaking at the 4th Tourism, Hotel Investment and Networking Conference (THINC) Sri Lanka & Maldives, organised by Hotelivate-Savills in Colombo last week, Wijesinghe put forward the race as one of two “moonshots” he has been working on, urging the country to “think big”. The other is a luxury train service in the mould of the Orient Express on the Colombo-Badulla line. “We have a track next to the Galle Face, and behind the Cinnamon Life bordering the Beira Lake, which is absolutely perfect for a city race,” he told the audience. “I’d like to challenge the government because there are Indian investors who are willing to provide the guarantee money. And we sent a proposal to Formula One, but let’s see what happens.”
Pitching Colombo as a regional contender, Wijesinghe declared that Sri Lanka should “give you some competition”, in a nod to India. India hosted three Grands Prix at the Buddh International Circuit from 2011 to 2013 and is now targeting a return by 2030, with the Federation of Motor Sports Clubs of India (FMSCI) President stating in June that efforts are under way, though no agreement has been announced.
However, Thailand is further ahead, with its Cabinet approving a US$ 1.2 billion bid in June 2025 to host five Bangkok street races from 2028 to 2032 on a 5.7 km circuit. That works out to around US$ 240 million a year, as per international media reports, though F1 has yet to confirm a Thai race.
Race promoters typically pay F1 annual hosting fees of US$ 25 million to US$ 35 million, with Singapore paying about US$ 35 million and Baku around US$ 57 million, as per 2023 industry estimates. Singapore, which staged F1’s first night race on its streets in 2008, spends over S$ 100 million (about US$ 78 million) on each edition, with its government co-funding up to 60 percent of approved costs.
Meanwhile, World Bank Group Country Manager for Sri Lanka and Maldives Gevorg Sargsyan, speaking at a later panel moderated by Wijesinghe, cited Formula One among the events that a planned quasi-equity fund under the World Bank’s Colombo tourism project could support, alongside beer festivals, Michelin-star dining and artisan experiences.
“It’s really up to the private entities to come and suggest what to do and then the fund should support it,” he noted.
In 2021, officials were reported to be in talks with Spanish and Japanese investors over a 5.6 km F1 circuit in Hambantota.
Sri Lankan driver Yevan David, the first from the country to compete in the FIA Formula 3 Championship, is racing for AIX Racing this season.
