KUALA LUMPUR: Formula One will not be making a return to the Sepang International Circuit (SIC) as organising the race is just too costly.
Youth and Sports Minister Syed Saddiq Syed Abdul Rahman said that the government is planning to focus on motorcycle racing instead, in line with the desire to transform SIC into the country’s motorsports hub and a motorsports city.
“For now, Formula One just will not generate the desired income and the cost to host the race annually is just too high.
“The government had to come up with US$50 million (RM204 million) to cover the cost of hosting a Formula One race before this.
“At the beginning it was because there were only one or two circuits in Asia that hosted Formula One races.
“The number of spectators was very good but now, neighbouring Singapore, Dubai and Abu Dhabi play host to Formula One races as well. The cost now is around US$70 million (RM285.24 million) and the income has declined,” he said during a press conference at Parliament lobby here earlier today.
Syed Saddiq said that the SIC hierarchy and Prime Minister Tun Dr Mahathir Mohamad will give priority to two-wheel motorsports such as MotoGP, Moto2 and Moto3 races.
He added that the MotoGP race will take place next month and ticket sales so far have been very encouraging.
“Ticket sales for the corporate boxes are almost filled and this really generates a lot of profit.
“Such a vision and focus is hoped will lead to the unearthing of world class racers apart from creating a network for machinery, software and hardware, expertise, support services and transfer of technology through MotoGP,” added Syed Saddiq.