Kuala Lumpur, Oct 15 — Malaysia are considering whether or not to bring Formula 1 back to the country after a strong turnout of spectators at the recent Sepang International Circuit, which was called in as a replacement for the relocated Bahrain Grand Prix.
The Malaysian Sports and Youth Ministry will present a proposal to the cabinet on resuming the F1 Grand Prix at the Sepang International Circuit after a rejuvenated interest in the event following a successful race.
As per Mayalmail, the Minister of Youth and Sports of Malaysia Mohammed Taufiq Johari, told the Parliament that the ministry was mandated to "lead an inter-ministerial F1 assessment committee", which was asked to evaluate the projected costs and the expected return on investment for hosting the sport. He said that the ministry will present its assessment to the cabinet next month.
"Recently, the Ministry of Youth and Sports was mandated to join an F1 assessment committee involving all ministries as well as the Chief Secretary to the Government," Taufiq told Parliament, as quoted by the Malaysian news portal.
"So, we want to evaluate the projected costs and the expected return on investment (ROI) for the country, ensuring that hosting the event is not managed solely under the Ministry of Youth and Sports through the Sepang International Circuit," he added.
The report added that the recent Bahrain GP in Malaysia saw "record-breaking ticket sales", which pushed the case for the interest in bringing the sport back. That was the first time the Sepang International Circuit hosted an F1 race in nine years. Mayalsia was called in as a replacement for the Bahrain GP, which was earlier relocated due to the tensions in the Middle East.
The Malaysian GP has been an annual event in F1 since 1999. The event took place for 19 straight years till 2017, when the country's government opted to pull out due to "rising hosting fees and declining ticket returns". The hosting fees are estimated to exceed RM300 million annually.
Taufiq further stated that hosting that race must have "shared benefits" across different sectors covering tourism, retail, and hospitality and not range to only one.
"That is why an assessment of our readiness and related factors is currently underway. By November, we will produce a report to be presented to the Cabinet, and ultimately, the Cabinet will decide whether or not we will bring Formula 1 back to our country," he said.