Dropping Formula One was a mistake, says Sepang boss
Shafriman said it is now very difficult to bring back the race to Sepang as there is a long waiting list for a slot on the Formula One calendar.
SIC is currently preparing to negotiate a contract renewal for MotoGP hosting rights with Dorna Sports.
"We do not want to repeat the mistakes of the past. We let Formula One go and now it is very hard to get it back. I hope we don't make the same mistake with MotoGP," said Shafriman recently.
"There is a waiting list to get back in (for Formula One) and of course, the costs are very expensive. We were quoted US$70 million race fees (by owners Liberty Media).
"That is for each event (edition of Malaysian GP). That does not include our setup costs which are in the region of RM10 to RM20 million for each event.
"In total, it would cost us more than RM300 million to bring back the race (annually).
"A lot of people (countries) are queuing so it won't be easy. But if we are really serious about it, then maybe we can start the conversation."
Sepang hosted Formula One between 1999 to 2017 but dropped the event due to high organising costs, dwindling global interest in the championship and disappointing ticket sales in Malaysia.
Formula One has, however, been given a new lease of life since being taken over by current owners Liberty Media in 2017.
The Drive to Survive Netflix series, which began airing in 2019, and the introduction of Saturday sprint races in 2021 has significantly boosted interest in the championship.
Shafriman added there is strong interest in bringing back the event to Sepang and believes it could be successful if done the right way.
"It is not just SIC that wants Formula One. Many other stakeholders from both the government as well as the corporate sector also want it back," said Shafriman.
"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.
"It has to be like that if we bring it back here."
Shafriman, however, stressed that it will take some time to turn a profit if Malaysia does once again host Formula One.
SIC last week claimed that the highly popular Petronas Grand Prix of Malaysia (MotoGP Malaysia) provides 6.3 times return on investment for Malaysia based on an economic impact study conducted last year.
"It will take time. Even with MotoGP, it took time for us to increase the ROI," said Shafriman.
"The important thing is that everyone (stakeholders) comes together.
"All this while people view MotoGP and Formula One as SIC's events, when they are actually national events.
"We are at the forefront in terms of managing the thing, branding and so on, but essentially they are Malaysian events."
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