DO not expect the roar of Formula One engines to return to Sepang anytime soon.
Youth and Sports Minister Hannah Yeoh told Parliament that Malaysia has no immediate plans to host F1 races, citing the steep costs and an already packed motorsports calendar.
“Organising Formula One races requires the government to pay about RM300mil annually to Liberty Media, the commercial rights holder.
“Malaysia must also bind itself to a contract of between three to five years, amounting to a commitment of about RM1.5bil during this period,” she said during Minister’s Question Time yesterday.
Beyond the hosting fee, she added, millions more would be needed to ensure the Sepang International Circuit meets international standards.
Yeoh argued that such funds could be better spent on homegrown talent, with RM300mil able to support programmes for 363 podium athletes and 9,834 development athletes.
“This would cost as much as RM124.1 million annually. The RM300mil would be able to fund the programme several times over,” she said.
Still, she acknowledged the prestige of F1, calling it “good to have” but not a national priority for now.
However, the government is not shutting the door completely, provided there are corporate entities willing to foot the bill.
“Those interested can connect with the Sepang International Circuit. We are open to this and can cooperate,” Yeoh said.
Malaysia first hosted F1 in 1999 but pulled the plug in 2017 due to costs and waning fan interest.
Responding to Oscar Ling Chai Yew (PH-Sibu), Yeoh also stressed that the Sepang race track is far from being a white elephant.
She noted that the circuit remains busy with various programmes, from recreational events to the annual PETRONAS Grand Prix.
The race, which last year drew 185,000 spectators, generated RM329mil in economic impact and created 4,493 job opportunities, said Yeoh.
