F1 revival debate heats up
Economist Prof Geoffrey Williams said the government should avoid using public funds to finance the event, which Malaysia hosted for nearly two decades before dropping it in 2017.
'If hosting F1 is viable from an economic and business perspective, it should be funded entirely by the private sector. If it is not viable from a private investment perspective, then government investment makes no sense either.'
Williams added that F1 should serve as a lesson from the past rather than an aspiration for the future.
'It was not sustainable and did not deliver the economic, social or multiplier effects often claimed by proponents of government involvement. If it had delivered benefits, it would still be running. It did not, hence it was discontinued.'
A businessman, who wanted to remain anonymous, echoed these concerns, calling the potential cost unnecessary and misaligned with national priorities.
'Spending US$70 million (about RM295 million) for a single Formula 1 race is totally unnecessary. Once setup and related costs are included, Malaysia could pay more than RM300 million for just one event,' he said.
He suggested the funds could instead uplift struggling Malaysians.
'That RM300 million could subsidise 20,000 B40 families with RM15,000 each, helping them financially to own their first home. Supporting 20,000 families would directly benefit at least 100,000 Malaysians.'
The businessman also questioned the need to return to F1 given Malaysia's long history with the sport.
'We have hosted F1 for 19 consecutive years. Isn't that enough? With more countries vying to host, fees will only rise. The owners of F1 are savvy and business-minded, not generous. A wiser approach would be to use that money to improve the lives of Malaysians rather than compete for prestige.'
SIC chief executive officer Azhan Shafriman Hanif was reported as saying the circuit has not ruled out hosting F1 again but stressed it would require serious funding, strategic planning and nationwide commitment before any proposal could move forward. He added that SIC is ready to coordinate a potential comeback, acting as a bridge between government stakeholders and F1 management.
Malaysia last hosted an F1 race in 2017, before ending a 19-year run that began in 1999.
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