KUALA LUMPUR: Sepang International Circuit (SIC) have confirmed that they will be raising rental rates for the Petronas Sepang International Circuit - by as much as 45 per cent - effective April 1.
Under the new rate card, rental of the track on weekdays for day sessions will rise from RM55,000 to RM70,000, a 27 per cent increase, while weekend rates have gone from RM60,500 to RM80,000 (32 per cent).
Night session on weekdays will increase from RM55,000 to RM78,000 (41 per cent) and RM60,500 to RM88,000 (45 per cent) for the weekends.
Prices are inclusive of the required technical and medical officials, including ambulance and fire car, cleaners and security personnel as well as access to relevant facilities.
SIC chief executive officer Azhan Shafriman Hanif said the price increase was to ensure that the FIA grade one circuit continues to operate under the "highest standards".
"As part of SIC's commitment to maintaining the highest standards in facilities and services, we have announced an adjustment to our track and facility rental pricing which will take effect on 1 April 2024," said Shafriman today.
"This decision was vital to uphold the quality of our facilities, enhance services and facilitate ongoing improvements that will contribute to a better customer experience.
"This advance notice was provided to ensure transparency and allow ample time for all clients and stakeholders to make necessary preparations.
"Rest assured that we are fully committed to facilitating a smooth transition for our clients and stakeholders."
SIC began distributing the revised rate card to its clients yesterday.
The price hike does not come as a surprise as in Jan last year Shafriman dubbed the increase 'inevitable' due to increasing operations and maintenance costs but held off from making the move until this year
The track has not increased its rental prices since 2013.
While the circuit is well known for hosting the annual Petronas Grand Prix of Malaysia (MotoGP) and Formula One races in the past, it mainly earns its income from track and facility rentals.