No need to pay millions to host F1 race, says Anwar

 Prime Minister Anwar Ibrahim says the government will only have to spend the RM16 million it allocates annually to maintain and upgrade the Sepang International Circuit.

Reviving the Malaysian Grand Prix was previously estimated to cost approximately RM300 million annually in hosting and sanctioning fees. (Bernama pic)

TAMPIN:

Malaysia will not have to pay the multi-million ringgit hosting fee to Formula 1 to host the Gulf Air Bahrain Grand Prix, says Prime Minister Anwar Ibrahim.

Anwar said the government would only have to spend the RM16 million it allocates annually for the maintenance and upgrading of the Sepang International Circuit (SIC) to meet motorsport event standards.

“It is free. If there is any expenditure, it will only be for several improvements to the circuit,” he said at the Syed Sirajuddin army camp in Gemas here today.

He said Malaysia had previously spent hundreds of millions of ringgit to host Formula 1 races.

F1 confirmed yesterday that Malaysia would host the Bahrain Grand Prix from Oct 2 to 4, subject to the signing of a final agreement and official approvals, including from the World Motor Sport Council.

SIC hosted the Malaysian Grand Prix from 1999 to 2017, but it was subsequently removed from the calendar due to rising hosting costs and licensing fees.

In April 2023, then youth and sports minister Hannah Yeoh said it would be “quite impossible” for Malaysia to host F1 races in Sepang again because of the high costs it would incur.

Reviving the Malaysian Grand Prix was previously estimated to cost about RM300 million annually in hosting and sanctioning fees. - FMT