KUALA LUMPUR – The Formula One (F1) Malaysian Grand Prix contract will not be renewed after it expires in 2018, due to poor financial returns.
Tourism and Culture Minister Datuk Seri Mohamed Nazri Aziz said the government spends RM300 million per year for the F1 race, but the financial returns were less than the amount spent.
“We spend RM300 million per year but are not getting RM300 million back. There are no returns on the F1 Grand Prix. The current contract is from 2016 to 2018. The F1 attendance has declined over the years, probably because there is less attraction.
“I think the people have lost interest. However, if MotoGP is scrapped next year, it will affect our tourism badly,” he told reporters in parliament lobby, here today.
Nazri said since Malaysia has not produced quality F1 drivers over the past 20 years or so, there is no point in renewing the afore mentioned contract.
On Oct 27, Youth and Sports Minister Khairy Jamaluddin was quoted as saying the development of local talent in motorsports is more important than forking out huge amounts to organise the F1 Grand Prix which is no longer profitable. – BERNAMA