WHILE the government will not be shelling out millions to bring the Formula One Grand Prix back to Malaysian shores, it will consider any interest by private funders, said Youth and Sports Minister Syed Saddiq Syed Abdul Rahman.

Cabinet has decided not to proceed with bringing the race back because of funding concerns, Syed Saddiq told The Malaysian Insight. 

“Cabinet has decided not to proceed with F1 due to funding concerns, however, if suddenly there are other private funders who want to help out, then definitely we will consider,” he said.

“Investing millions at the moment is not the decision of the government.”

Malaysia dropped out of the fixture after hosting the race for the last time in 2017. The Sepang International Circuit (SIC) has hosted 19 races since 1999. 

The event was bankrolled by the government, which shelled out some RM300 million a season. 

The high cost of hosting the event coupled with declining ticket sales resulted in the pullout, as the government could not see a return on its investment.

Recently, talks of the return of F1 to Malaysian soil have been doing the rounds. 

The News Straits Times reported that Prime Minister Dr Mahathir Mohamad, who brought the race to Malaysia, has not given up hope on a comeback.

SIC was a brainchild of Dr Mahathir during his previous stint in office.

Petronas CEO Wan Zulkiflee Wan Ariffin said on March 8 that F1’s return depends on the government.

The national oil company is the title partner of the Mercedes-AMG Petronas F1 Team. The team has had a successful run at the race’s Constructor’s and Drivers Championships since 2014. – March 21, 2019.