The CEO of the Sepang International Circuit (SIC), Azhan Shafriman Hanif, has admitted that it was a significant error for Malaysia to stop hosting Formula 1 races, particularly given the sport's recent surge in global popularity.
Why it matters: Sepang first joined the F1 calendar in 1999, quickly earning a reputation for its challenging layout and unpredictable weather. However, after the 2017 event, F1 did not return. Hanif now views this decision as a misstep, stating, "We do not want to repeat the mistakes of the past. We let F1 go and now it is very hard to get it back."
The challenge: SIC is actively exploring a return to the F1 calendar, but faces substantial hurdles, primarily the escalating costs and intense competition from other nations. Hanif revealed the high financial demands:
- Race fees: $70 million per event.
- Setup costs: RM10m to RM20m ($2.3m to $4.7m) per event.
- Total estimated cost to bring back the race: Over RM300m ($71m).
"A lot of people are queuing so it won’t be easy," Hanif added, emphasizing the competitive landscape.
Looking ahead: Despite the challenges, the Malaysian government has approved SIC's pursuit of an F1 return. Shafriman highlighted the need for collective support, similar to Singapore's successful F1 Grand Prix.
"It is not just SIC that wants Formula One. Many other stakeholders from both the government as well as the corporate sector also want it back," he noted. "We have to look at how Singapore is hosting it. They have everyone on board... Everybody contributes. It has to be like that if we bring it back here."