KUALA LUMPUR — November 21, 2016: The Formula One (F1) Malaysian Grand Prix contract will not be renewed after it expires in 2018 due to poor financial returns.
The government spends RM300 million per year for the race but the financial return has been less than that.
“There are no returns on the F1 Grand Prix. The current contract is until 2018. The F1 attendance has declined over the years, probably because there is less attraction.
“I think the people have lost interest. However, if the Moto GP is scrapped next year, it will affect our tourism badly,” said Tourism and Culture Minister Datuk Seri Mohamed Nazri Aziz at the parliament lobby today.
Nazri also said that since Malaysia has not produced quality F1 drivers over the past 20 years or so, there is no point in renewing the contract.
Last October 27, Youth and Sports Minister Khairy Jamaluddin had said that the development of local talents in motorsports was more important than forking out huge amounts to organise the F1 which is no longer profitable. — Bernama