A proposal to host a Formula One (F1) street race in Colombo has been submitted to Formula One, with Indian investors reportedly willing to provide the financial guarantees required for the project, TWC Holdings Chairman Thilan Wijesinghe has revealed.
The proposed circuit would run past Galle Face and along Beira Lake, potentially positioning Colombo as a new destination for international motorsport and boosting Sri Lanka’s tourism industry.
Speaking at the 4th Tourism, Hotel Investment and Networking Conference (THINC) Sri Lanka & Maldives, organised by Hotelivate-Savills in Colombo last week, Wijesinghe identified the proposed F1 race as one of two ambitious projects he hopes to pursue, encouraging Sri Lanka to think bigger about its tourism potential.
“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 said.
Wijesinghe challenged the government to consider the proposal, noting that Indian investors were prepared to provide the necessary guarantee money. He confirmed that a proposal had already been submitted to Formula One, although no decision has been announced.
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The initiative could place Sri Lanka in competition with other Asian destinations seeking to attract major international sporting events, generate tourism revenue and strengthen their global profiles.
India previously hosted three Formula One Grands Prix at the Buddh International Circuit between 2011 and 2013. The country is now exploring a potential return to the F1 calendar by 2030, although an agreement has yet to be announced.
Thailand is also pursuing a major F1 hosting opportunity. In June 2025, its Cabinet approved a US$1.2 billion bid to host five street races in Bangkok between 2028 and 2032. The proposed investment amounts to approximately US$240 million per year, although Formula One has not yet confirmed the event.
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Hosting a Formula One race requires substantial financial commitments. Industry estimates published in 2023 placed annual hosting fees at approximately US$25 million to US$35 million for many race promoters, with some destinations paying significantly more.
Singapore, which hosted Formula One’s first night race in 2008, spends more than S$100 million (approximately US$78 million) on each edition. The Singapore Government co-funds up to 60% of approved costs.
Meanwhile, World Bank Group Country Manager for Sri Lanka and the Maldives, Gevorg Sargsyan, also referred to Formula One as a potential attraction during a separate panel discussion moderated by Wijesinghe.
Sargsyan said a proposed quasi-equity fund under the World Bank’s Colombo tourism project could support private-sector initiatives aimed at expanding the country’s tourism offerings. Potential projects mentioned included major sporting events, beer festivals, Michelin-star dining experiences and artisan activities.
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He noted that private-sector entities would be expected to propose suitable initiatives for consideration and support through the fund.
Sri Lanka previously explored the possibility of establishing an F1 circuit in Hambantota. In 2021, reports indicated that officials were in discussions with Spanish and Japanese investors regarding a proposed 5.6-kilometre circuit. However, the project did not result in a Formula One race.
A Colombo street race would represent another attempt to position Sri Lanka as a destination for major international sporting events. However, the proposal remains at an early stage, with no official confirmation from Formula One regarding the country’s inclusion in its racing calendar.
Sri Lanka’s growing presence in international motorsport is also reflected in the career of Yevan David, the first Sri Lankan driver to compete in the FIA Formula 3 Championship. David is racing for AIX Racing this season.
