KUALA LUMPUR: THERE are many factors to consider if the country is to once again host Formula One, which has suffered a dip in popularity in recent years.
Sepang International Circuit (SIC) chief executive Datuk Razlan Razali said it should be at least five years, after 2017 when it was axed, before it could be considered.
“It’s been only two years since we stopped hosting it.”
Prime Minister Tun Dr Mahathir Mohamad had, on Tuesday, expressed hope that F1 would be brought back to Malaysia.
He said this after receiving the Lifetime Achievement Award at the Petronas-Sepang International Circuit Motorsports Association of Malaysia awards ceremony.
Razlan said this possibility would be looked into if Dr Mahathir was serious.
Sepang hosted F1 races from 1999 to 2017, after which it was axed due to poor spectator turnout and the high cost of hosting the race.
Razlan said: “If the time comes for us to consider bringing back F1, and the government has a change of heart, then we will look into it.
“There are many factors to consider. When the time comes, I am sure a study will be conducted.
“This is to make sure the next time F1 is in Malaysia, it will be done with the support of all (relevant) ministries. It has to be done better than before.”
He said the awards ceremony, where a recap video of Sepang’s early F1 days was showcased, might have touched Dr Mahathir emotionally.
“Everything began with F1, and the Sepang Circuit exists because of F1. But I think we have gone beyond just F1 now.
“We have achieved a lot of success. We have many people cmpeting in world championships, except F1.”
Despite the absence of F1, Sepang will host three other World Championships this year.
MotoGP, which has achieved record-breaking crowds in recent years, is the flagship event of the track, which will, for the first time this year, feature the Endurance World Championship and the World Touring Car Championships, both in December.
The investment needed to host an F1 race remains the main prohibiting factor in bringing it back.
Former tourism and culture minister Datuk Seri Mohamed Nazri Abdul Aziz had, in 2016, said the government spent around RM300 million a year to host it.
Considering the economic situation in Malaysia, bringing back a race that was running at a loss for many years is not a move many are in favour of.
The high cost of racing in the series stopped Malaysia from placing a driver in F1 since Alex Yoong in 2000.
Jazeman Jaafar received an offer to race in Formula One in 2016.
However, he was unable to raise funds to secure his seat. An F1 driver is required to have an annual budget of about RM60 million.
Malaysian participation in the race is seen as a factor in boosting local interest and attendance for the race.
Youth and Sports Minister Syed Saddiq Syed Abdul Rahman said he would look into the possibility of bringing back F1.
“When SIC was set up, some people said it would be a white elephant. But today, we stand witness to what SIC has achieved. It has created an ecosystem. It has built many networks in and outside of Malaysia.
“It has also developed young talents, such as Hafizh Syahrin Abdullah and Jazeman Jaafar.
“When the prime minister stated that he hoped F1 will come back, I think he intends to bring back the glory days.
“And as the sports minister, I will work with the prime minister to realise that vision.”