The CEO of the Malaysian Grand Prix circuit has admitted it will be “very hard” for the event to return due to rising costs of staging a Formula 1 race.
Opened in 1999, the Sepang International Circuit hosted the race between that year and 2017, when a decline in ticket sales curtailed its place on the calendar.
Designed by Hermann Tilke, the wide and fast circuit was popular with the fans, complemented by the added drama of the changing and unpredictable weather conditions.
Despite no longer staging an F1 race, it continues to host top-level motorsport in the form of MotoGP, which it has done since its opening year.
Quoted by Malaysian newspaper New Strait Times, Azhan Shafriman expressed his regret that the event was scrapped, admitting it was an error to let it happen.
“We do not want to repeat the mistakes of the past,” he said. “We let Formula 1 go and now it is very hard to get it back. I hope we don’t make the same mistake with MotoGP.
“There is a waiting list to get back in [for Formula 1] and of course, the costs are very expensive. We were quoted US$70 million race fees [by Liberty Media].
“That is for each event [edition of Malaysian GP]. That does not include our setup costs which are in the region of RM10 to RM20 million for each event.
“In total, it would cost us more than RM300 million [$71 million] to bring back the race [annually].
“A lot of people [countries] are queuing so it won’t be easy. But if we are really serious about it, then maybe we can start the conversation.”
Malaysian government pushing for F1 race return
Mr Shafriman said that despite the uphill struggles it would face to make a significant push for the event to return, the country’s government is keen to see it happen.
“It is not just SIC that wants Formula 1,” he said. “Many other stakeholders from both the government as well as the corporate sector also want it back,” said Shafriman.
“We have to look at how Singapore is hosting it. They have everyone on board in making it a success, from the ministries to the corporate sector to the hotels. Everybody contributes.
“It has to be like that if we bring it back here.”
Mr Shafrimen admitted that, if the race was to make a comeback on the Grand Prix schedule, it would still be a long wait to see any financial return on the decision.
“It will take time. Even with MotoGP, it took time for us to increase the ROI,” he said. “The important thing is that everyone [stakeholders] comes together.
“All this while people view MotoGP and Formula 1 as SIC’s events, when they are actually national events.
“We are at the forefront in terms of managing the thing, branding and so on, but essentially they are Malaysian events.”
READ MORE – Will F1’s rotational calendar allow more iconic tracks to return?
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