We shouldn't have dropped F1, says SIC chief
PETALING JAYA : It was a mistake for Malaysia to give up the hosting rights for the Formula 1 (F1) grand prix, says Sepang International Circuit (SIC) CEO Azhan Shafriman Hanif.
He said it was a tall order now to host the F1 race in Sepang as there is a long waiting list for a place on the motorsport event's calendar.
He added that it would also be very costly with Liberty Media Corp, the owner of F1, having quoted a price of US$70 million (RM295 million) for the rights to host the race in Malaysia, New Straits Times reported.
'That does not include our setup costs, in the region of RM10-20 million per year. In total, it would cost us more than RM300 million to bring back the race (annually),' he was quoted as saying.
Nonetheless, Azhan believes there is a strong interest to bring the F1 grand prix back to Malaysia, adding that if enthusiasts and stakeholders were really serious about this, then 'maybe we can start the conversation'.
He maintained that every stakeholder must be involved and contribute to make this a success, saying Malaysia should take a leaf from Singapore.
'(Singapore) has everyone on board to make their F1 grand prix a success, from the ministries to the corporate sector and hotels. Everybody contributes.
'It has to be like that if we bring it back here,' he said, adding that the returns on investments will not be immediate.
Azhan then warned against making the same mistake with the hosting rights for the MotoGP, saying that negotiations for a contract renewal with event organiser Dorna Sports will take place soon.
'We do not want to repeat the mistakes of the past. We let F1 go and now it is very hard to bring it back. I hope we don't make the same mistake with MotoGP,' he was quoted as saying.
In April 2023, youth and sports minister Hannah Yeoh said it would be 'quite impossible' for Malaysia to host F1 races in Sepang again because of the high costs it would incur.
However, Motorsports Association of Malaysia president Mokhzani Mahathir said F1 races could return to Sepang if the corporate sector was willing to bear the costs.
Malaysia first hosted the F1 grand prix in 1999 and it became a popular attraction for motorsports enthusiasts from around the world every year.
The last race in Malaysia was held in 2017 after Putrajaya decided not to renew the hosting rights due to a decline in returns.
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