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It has been confirmed that after 17 consecutive years since 1999, the 2018 Malaysia Grand Prix will be the last, according to the Malay Mail. Tourism and culture minister Datuk Seri Nazri Aziz said that the government will not renew the current agreement once it expires in 2018.

“The current agreement is from 2016 to 2018. So once that ends, there will be no more [F1 in Malaysia],” Nazri said, adding that he concurs with youth and sports minister Khairy Jamaluddin who tweeted last month that he has considered dropping the event.

Khairy stated then that it might be better for Malaysia to take a break from hosting the grand prix, as it was turning out to be costly affair and isn’t bringing the necessary returns into the country.

Nazri added that the country isn’t recouping the money that it spends on each race. “F1 attendance is dropping and there is less attraction now,” he said. “We are spending RM300 million a year [for the race]. We are not even making back RM300 million.”

He also said that attendance at Formula 1 grands prix have been dropping not just in Malaysia, but around the world, adding that the failure of more Malaysian drivers to make it to the top-tier racing series has also contributed to dwindling interest in the sport over here. “It’s a different story for MotoGP, because the interest in it is still there. We will lose a lot tourism if MotoGP is stopped,” he said.

Malaysia isn’t the only one, it seems – Singapore is also mulling an end to hosting its GP after 2017.