Sepang CEO says it was a mistake for Malaysia to drop F1 – strong interest in return, but must be done well – Paultan.org

Sepang International Circuit CEO Azhan Shafriman Hanif believes that it was a mistake for Malaysia to stop hosting Formula 1 One -Races, reports Nst. The last time an F1 race was held here was in 2017, with the then Prime Minister thatuk Seri Najib Tun Razak announced that no further races would be held from 2018.

Due to the high organizing costs, the fall in global interest and poor ticket sales were cited as reasons at that time for the decision to stop hosting F1 races in Malaysia, ending an annual spectacle that started in 1999.

Shafriman said there is a long waiting list for a slot on the F1 calendar, making it very difficult to bring the race back to Sepang. He revealed that SIC is currently preparing for negotiating a contract renewal for MotoGP hosting rights with Dorna Sports. “We don’t want to repeat the mistakes of the past. We let F1 go and now it’s very difficult to get it back. I hope we don’t make the same mistake with MotoGP,” he said.

“There is a waiting list to come back in (for F1) and of course the costs are very expensive. We were quoted USD70 million race (approximately RM295 million) reimbursements (by owners Liberty Media). That means for each event (edition of Malaysian Grand Prix). That does not include our setup costs,” it remains in the RM10 region.

“In total it would cost us more than RM300 million to reduce the race (annually). Many people (countries) stand in line so that it will not be easy. But if we are really serious about it, we might start the conversation,” he added.

Current owners Liberty Media, who brought a controlling interest in the Formula 1 group at the end of 2016, has injected New Life into motorsport. The introduction of Saturday sprint races in 2021, more involvement and the Netflix series Drive to survivehave increased interest.

Shafriman noted that there is a strong interest in bringing F1 back to Sepang and believes that it can be successful if it is done in the right way. “It is not only SIC who wants Formula 1. Many other stakeholders of both the government and the business sector want it back,” he said.

“We have to see how Singapore host. They have everyone on board to make it a success, from the ministries to the business sector to the hotels. Everyone contributes. It must be the case if we bring it here,” he added. However, the emphasized that it will take some time to make a profit if Malaysia decides to host F1 again.

SIC claimed last week that the Petronas Grand Prix of Malaysia (MotoGP) offers 6.3 times return on investments for Malaysia on the basis of an economic impact last year. “It will take time. Even with MotoGP it took time to increase the ROI. The most important thing is that everyone (stakeholders) meets,” said Shafriman.

“All this while people regard MotoGP and Formula 1 as the events of SIC, when they are actually national events. We are at the forefront of managing the thing, branding, etc., but essentially they are Malaysian events,” he ended.

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