The talk of a possible return of Formula 1 to Malaysia has been quashed with youth and sports minister Hannah Yeoh stating that the country had no plans to bring the race back to the Sepang International Circuit (SIC) anytime in the foreseeable future, The Star reports.
She said this was due to the high costs associated with it, and that the government would be better off spending the money elsewhere. “Organising F1 races requires the government to pay about RM300 million annually to Liberty Media, which holds the F1 commercial rights,” she said
“Malaysia must also bind itself to a contract of between three to five years with the said company, amounting to a commitment of about RM1.5 billion during this period,” she told the Dewan Rakyat earlier today. She added that the added cost of ensuring the track is ready would also have to be taken into consideration.
She said this in response to a question from Oscar Ling Chai Yew (PH-Sibu), who asked if Malaysia was in a position to host F1 races again, and how the SIC’s utilisation was being maximised to benefit the nation.
Yeoh stated that the SIC is not a white elephant, noting how various programmes are still being held there, including the Petronas Grand Prix of Malaysia. She said the MotoGP race attracted about 185,000 spectators last year and generated around RM329 million, while creating 4,493 job opportunities.
While acknowledging the prestige of F1 races and saying it is “good to have,” she said that large funds were needed for it, something that could be better used to support other sports. She said the RM300 million could instead be used to support other programmes under the ministry’s purview.
This includes development programmes involving 363 podium athletes and 9,834 talent development athletes. “This would cost as much as RM124.1 million annually, with the RM300 million being able to support the programme several times over,” she explained.
However, she said the country was not closing the door to F1 races being held in Malaysia again, if there are corporate entities interested to fork out the organising fee. “Those interested can connect with the SIC. We are open to this and can cooperate,” she said.
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