KUALA LUMPUR, Aug 21 – Malaysia has no plans to host the Formula 1 (F1) championship again due to the high cost of hosting rights fees and facility preparations, as well as the packed race calendar, the Dewan Rakyat was told today.
Youth and Sports Minister Hannah Yeoh said several factors need to be studied in greater detail should the government reconsider hosting the F1 championship.
She said staging the F1 championship in Malaysia annually would require the government to invest about RM300 million a year to pay hosting rights fees to Liberty Media, the commercial rights holder of F1.
“In general, Malaysia would need to sign a hosting contract of three to five years with Liberty Media, which would involve a commitment of around RM1.5 billion in F1 hosting rights fees for that period.
“Besides the hosting rights fees, the cost of circuit preparation and event organisation also needs to be considered. The Sepang International Circuit (SIC) still holds the FIA Grade 1 circuit homologation status and requires RM10 million annually to ensure the safety of the track and supporting facilities meet the required standards,” she said during Minister’s Question Time.
