Multi-million ringgit registration fee waived for M'sia to host F1, says Anwar
Prime Minister Anwar Ibrahim announced that Malaysia will host a Formula One Grand Prix at the Sepang International Circuit with the registration fee waived. The government expects to spend between RM10 million and RM16 million on track upgrades for the event.
Why it matters
Hosting major international sporting events can boost national prestige and tourism, though it requires careful fiscal management.
TAMPIN: Malaysia will host this year’s Formula One Bahrain Grand Prix at a fraction of the cost, with the multi-million ringgit registration fee waived, says Datuk Seri Anwar Ibrahim.
The Prime Minister said the government would only need to spend an estimated RM16mil on minor upgrades to the Sepang International Circuit ahead of the Oct 2 to 4 race.
“We will organise it without paying the registration fee to the Formula One company. It is free.
“Even if there is some expenditure, it will only be to slightly improve the racing track, which is currently being used for motor vehicles, motorcycles and other activities.
“I estimate that it will cost between RM10mil and RM16mil,” he said during his speech at the Semarak Kenegaraan programme at the Syed Sirajuddin army camp in Gemas here on Monday (July 27).
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