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Malysia’s sport’s minister has poured cold water on talk of F1’s return, citing the sheer cost of hosting a round of the world championship.
The country first hosted a round of the world championship in 1999 and continued until 2017, a year before its contract was due to end.
“I think we should stop hosting the F1,” said (then) sport’s minister Khairy Jamaluddin. “At least for a while. “The cost is too high, the returns limited,” he added.
“When we first hosted the F1 it was a big deal, the first in Asia outside Japan. Now so many venues, no first mover advantage. It’s not a novelty.”
Indeed, by then Singapore had become the new highlight in the region, as the Sepang International Circuit struggled to attract a significant crowd.
Despite speculation that Malaysia is having second thoughts, current sport’s minister Hannah Yeoh has ruled out the idea, pointing to the estimated £52m a year cost of hosting the event.
“The Formula 1 is a prestigious sports event that is followed by fans around the world,” she told parliament. “So if we could afford it, it would be good to have it in Malaysia.
“However, Organising F1 races requires the government to pay about RM300mil annually to Liberty Media, which holds the commercial rights,” she added. “Malaysia must also bind itself to a contract of between three to five years with the said company, amounting to a commitment of about RM1.5bil (£263m) during this period.”
Earlier this week, SIC boss, Azhan Shafriman pointed to the huge cost of hosting a race.
“The costs are very expensive” he said. “We have to look at how Singapore is hosting it. They have everyone on board in making it a success, from the ministries to the corporate sector to the hotels. Everybody contributes,” he added.
“It has to be like that if we bring it back here.”
There had been talk that Petronas, the energy company and Mercedes title sponsor, which holds the naming rights to the SIC, which continues to host MotoGP races and other motorsports events, might contribute to the cost of bringing F1 back to the circuit, but this has been denied.
Of course, other than Singapore, which continues to be one of the jewels in the sport’s crown, Thailand is now set to join the schedule.
