Source:REUTERS/Bernadett Szabo
[Saba Sports News] Malaysia had previously expressed interest in bidding for the return of the F1 Grand Prix, but recently this plan appears to be shelved. Reportedly, the Malaysian Sports Minister recently stated in a media interview that the government has abandoned the plan. This is because the government would need to pay approximately 300 million Malaysian Ringgit (RM) annually to Liberty Media, the holders of F1’s commercial rights, and Malaysia would have to sign a three-to-five-year contract with the company. The government is unwilling to commit such a substantial amount of funds, believing that using these funds to support the development of other sports would be more meaningful. The Malaysian government believes that allocating the funds required for hosting F1 to support other sports development is more significant. These funds could be used to support development programs involving 363 elite athletes and 9,834 development athletes, helping to enhance the overall level of local sports, cultivate more sports talent, and meet the practical needs of the public for sports development.