Thailand's government sports authority says it has struck an in-principle deal to host a Formula One race in Bangkok in 2014, with negotiations ongoing about the hosting fee.

Kanokphand Chulakasem, governor of the Sports Authority of Thailand, told The Nation newspaper, "Formula One has decided to include Thailand in its 2014 season calendar" with a race slated for November.

He said the government will fund 60 percent of the cost, with the rest coming from sponsors including Red Bull and the Singha brewing group. The SAT governor said talks were proceeding between F1 supremo Bernie Ecclestone and representatives from Red Bull. "Once the negotiations are complete, we will bring this before the cabinet for discussion and approval," Kanokphand said.

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