21/11/2016
NEWS STORY
Malaysia will not be seeking to renew its contract once the current agreement expires in 2018.
After weeks of speculation, organisers in Malaysia have confirmed that the contract to hold the Malaysia Grand Prix will not be renewed once it expires in 2018.
"After 2018 no longer," the Malaysia the tourism and culture minister Nazri Abdul Aziz told reporters in parliament when asked about the future of the event.
"From the longer term perspective, it's probably the correct decision because it's more expensive and no longer that attractive," he insisted, according to Reuters.
Talk of the event being dropped first emerged last month when sports minister Khairy Jamaluddin took to Twitter to question why the country should continue hosting a race which has seen hosting fees rise by 10% year on year whilst at the same time witnessing ticket sales decrease by the same percentage.
"When we first hosted the F1 it was a big deal," he tweeted. "First in Asia outside Japan. Now so many venues. No first mover advantage. Not a novelty.
"F1 ticket sales declining, TV viewership down," he continued. "Foreign visitors down because can choose Singapore, China, Middle East. Returns are not as big.
"For the record I still think we should host MotoGP...1) Cheaper fee and cost, 2) Sell-out crowd, 3) We have riders in Moto2 and 3."
Indeed, organisers subsequently agreed a deal that will see MotoGP remain at the Sepang International Circuit until 2021.
"It's not very difficult to convince the Malaysian government to support the Malaysian Grand Prix because we achieve record-breaking crowds every year," said Razlan Razali, chief executive at the Sepang International Circuit, confirming the MotoGP deal. "MotoGP is no longer just a spectacle for Malaysians, it is now a platform for young Malaysian talent to compete in the world championship and on home ground. I think that is key to the Malaysian GP.
"At the same time, it is not just an agreement between Dorna and SIC," he added, "it's the partnership we have and the support we have for each other; the common interest we have to promote this event better and better every year."