F1 race in Sepang generated nearly RM950mil in economic impact
The Malaysian youth and sports ministry reported that the F1 Bahrain Grand Prix held at the Sepang International Circuit generated nearly RM950 million in economic impact. The government is currently conducting a cost-benefit assessment to determine if hosting future F1 events is financially viable.
Why it matters
This highlights the ongoing debate regarding the fiscal responsibility of governments hosting high-cost international sporting events.
The F1 Bahrain Grand Prix was held at the Sepang International Circuit from Oct 2 to 4, drawing about 261,000 fans over the race weekend. (Bernama pic)
PETALING JAYA: The F1 Bahrain Grand Prix held at the Sepang International Circuit (SIC) earlier this month generated an economic impact of nearly RM950 million, says the youth and sports ministry.
Citing figures from Formula 1 Management, youth and sports minister Dr Taufiq Johari said the Oct 2-4 event attracted about 261,000 fans, including an estimated 103,000 on race day, and was watched by 827 million viewers worldwide.
He also said that more than 97,000 tickets were sold, while over 50,000 international tourists and about 5,000 foreign workers came to Malaysia for the event.
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