Malaysia will not re-host F1 championship due to high costs
Youth and Sports Minister Hannah Yeoh stated that hosting the prestigious race requires an investment of approximately RM300 million annually to pay the hosting fees to F1's commercial rights holder, Liberty Media. - Photo by Bernama
KUALA LUMPUR - The government has no plans to re-host the Formula 1 (F1) championship due to the rising costs of hosting fees and facility provisions, as well as the increasingly packed international racing calendar.
Youth and Sports Minister Hannah Yeoh said that hosting the prestigious race requires an investment of approximately RM300 million annually to pay the hosting fees to F1's commercial rights holder, Liberty Media.
"Generally, Malaysia would need to sign a hosting contract for three to five years with Liberty Media, which would involve a commitment of around RM1.5 billion in hosting fees over that period.
"The costs for preparing the circuit and hosting the event also need to be taken into account, with the Sepang International Circuit (SIC) maintaining its Grade 1 homologation rating from the Fédération Internationale de l'Automobile (FIA), which requires RM10 million annually to ensure the safety of the circuit and that the supporting facilities meet these standards," she said when answering a question during the Minister's Question Time in the Dewan Rakyat on Thursday.
She added that the significant budget allocated for hosting F1 could be better used to fund various sports development programmes under the Youth and Sports Ministry (KBS).
For example, she said, the ministry could implement sports development programs for 20 sports, involving 363 podium athletes and 9,834 talent development athletes, at a total cost of RM124.1 million per year.
The RM10 million per year required for circuit maintenance could also be used to fund the "Road to Gold" (RTG) program for one year.
"With the same amount, the government allocates RM30 million per year for the Sports Matching Grant (GPS) over a period of 10 years.
"This initiative is important as it stimulates the growth of the sports economy through private sector involvement in organising national and international sporting events," she said.
In response to a supplementary question from Oscar Ling Chai Yew (PH-Sibu) regarding the use of the SIC circuit, Hannah clarified that the circuit is open to the public through the SIC Time Out programme, which includes various free community activities such as cycling, skateboarding and more.
The annual MotoGP event held last year successfully attracted nearly 185,000 spectators, generating an economic impact of RM329 million and creating 4,463 job opportunities for the people.
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