Last week, it was reported that the Formula 1 Gulf Air Bahrain Grand Prix in Sepang had brought a positive impact to Malaysian micro, small and medium enterprises, with the SMEs having reaped over RM345 million in economic spillover effects from the race.
Now, those numbers have been expanded on a larger canvas, The Star reports, with the youth and sports ministry saying that nearly RM950 million in total monetary value was injected into the Malaysian economy from the event, which attracted approximately 261,000 spectators over the race weekend, including an estimated 103,000 on race day itself.
“Based on information from Formula 1 management (FOM), the event, which was broadcast worldwide and was watched by 827 million viewers, generated an economic impact of nearly RM950 million. More than 97,000 tickets were sold, with over 50,000 international tourists and approximately 5,000 foreign workers arriving in Malaysia in conjunction with the race,” the ministry said in a written parliamentary reply issued today.
The ministry said this in response to questions posed by Rodiyah Sapiee (GPS-Batang Sadong), who asked about the economic benefits of the race compared with government expenditure and whether a cost-benefit study would guide any decision to resume regular F1 hosting.
It added that the influx of international visitors benefited the tourism, hospitality, aviation and local small and medium enterprise sectors, while strengthening Malaysia’s profile as an international sporting and investment destination.
From a cost perspective, the ministry said that the hosting arrangement differed from previous editions, as Bahrain covered the hosting rights fees through its collaboration with SIC. However, it did not disclose the total costs borne by the Malaysian government.
With regards to a possible return to the F1 calendar, the ministry said that Sepang International Circuit (SIC) and an appointed consulting firm were conducting a cost-benefit assessment following the conclusion of the race. The assessment will examine the detailed costs of organising the event against the economic benefits generated.
“The findings of this cost-benefit assessment will serve as one of the considerations in determining whether Malaysia should consider hosting Formula 1 again in the future,” it said. Earlier, Tengku Datuk Seri Zafrul Abdul Aziz said that bringing F1 back requires more than just the race, with the need to ensure the economic benefits are worth the hosting costs, and to establish whether Malaysia can make F1 profitable enough.
Sudah kaya pula Madani? Before this always says Petrol subsidies are expensive to the govt BUT now want to host F1. Get your priority right lah Madani
How about the costs incurred, example to make good the surface at sepang track etc? I recalled PMX said we need to spend billions to get ready the track & other logistics? If so, are we still net positive and cause for celebrations?
Isnt that handled by Bahrain GP?
Anwar’s words were “Other countries spend hundreds of millions, even up to RM1 billion, to organise Formula One. We have only been asked to spend RM16 million…”
That was the sum to resurface Sepang. Calm down
Thank you Youth and Sports Ministry
Those Malaysian Micro, Small and Medium Enterprises who participated have successfully become Millionaires now.
thank you Iran and Trump for prolonging the war otherwise this F1 would never have come to malaysia. hopefully the war continues so that 2027 F1 will also be hosted in Sepang.
Stupid to thank her coz she did NOTHING. We earn profit coz Bahrain PAID TO RENT SEPANG plus the tourism. If we had run the race we have to pay for yearly track maintenance, yearly royalty fees to Bernie, & overpriced marketing fees to Bernie.
All these mentris tipu rakyat by not telling us Bahrain had to pay all that bcoz it was technically their race.
Wanna have F1 locally? Ask oil sheikhs to donate lah. Oops!
what year is it ? bernie hasnt been in charge for a long time already you moran
So what was the cost
where got cost , bahrain GP
Sepang fell to Singapore F1 so let’s not waste tune promoting it
The high paying international crowds prefer Singapore. Easy access to circuit. The parties are Wilder too.
yea…wats the cost, including the “free” money? we all know it was mostly “free” due to the kind sponsor from the original host.