It was put forward to promote the economic and social regeneration of Dublin's City Centre.
State Papers from 1992 have revealed that then-Taoiseach, Albert Reynolds, was urged to help bid for a Formula One race in Dublin.
The proposal encouraged Mr. Reynolds to use National Lottery funding to transform the North Inner City into a racing circuit.
It was put forward by Liffey Trust, a charity set up to promote the economic and social regeneration of Dublin's City Centre.
The charity envisioned a 4 kilometre circuit, parts of which could be used as karting tracks for young people in the area.
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