Siam Motors Group is keen to buy Bira Circuit and turn the 164-rai racetrack into a real estate development, a move that would end the loud noise made by racing cars that disturbs players at nearby golf courses.
Negotiations are under way with Bira Circuit One Co, the owner of the racetrack in Pattaya.
The price is to the tune of 300 million baht, said Prachin Eamlumnow, one of three major partners in the full-service racetrack.
The deal is expected to conclude after the regular racing events at Bira Circuit end next March.
Mr Prachin, who is also organising chairman of the motor show event every March and the owner of Grand Prix magazine, said Phornthep Phornprapha, chairman of Siam Motors, has approached him about Bira Circuit.
Mr Phornthep intends to turn the property into accommodations for clients of his two nearby golf courses.
Siam Country Club Pattaya, owned by Siam Motors, runs the 18-hole Old Course and the 27-hole Plantation, which have hosted events such as the LPGA Thailand tournament. Siam Motors is developing the 18-hole New Course at a cost of 500 million baht excluding land price, to open in March 2014.
Once completed, the three courses are expected to make Siam Country Club Pattaya a leading golf destination in Asia.
Auto races at Bira Circuit have become notorious for disturbing golfers. Also, the 2.41-kilometre circuit is too short for today's high-performance racing cars.
"I need money to build a new racetrack in Kanchanaburi, where accommodations will also be built to serve tourists," Mr Prachin said.
Apart from Mr Prachin, the prominent developer Chanat Ruangkritya and a close colleague also have stakes in Bira Circuit One. Each has equal interest in the racetrack venture.
Bira Circuit, founded in 1985, was named for Prince Birabongse Bhanutej Bhanubandh, a Formula One racer.
The racetrack once hosted some of the more popular race series in Asia, including the South East Asia Touring Car Zone Challenge and the Asian Formula 2000.
Located in Bang Lamung, Chon Buri, Bira Circuit is the only internationally certified racetrack in Thailand.