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.
“The presence of overseas spectators also increased revenue for the tourism, hospitality and aviation sectors, as well as local small and medium enterprises (SMEs), and strengthened Malaysia’s profile as a world-class sports and investment destination,” he said in a written parliamentary reply to Rodiyah Sapiee (GPS-Batang Sadong).
Rodiyah had asked the youth and sports ministry for the estimated economic benefit compared with the costs borne by the government, and whether a cost-benefit assessment would be carried out.
However, Taufiq said the government had yet to determine whether hosting the event was worthwhile, as a cost-benefit assessment was still under way.
He said SIC was conducting the assessment with an appointed consulting firm to examine the hosting costs and economic impact of the race.
"The findings of the cost-benefit assessment will serve as one of the considerations for the government in determining whether it is appropriate for Malaysia to consider hosting F1 again in future," he said.
In July, Formula 1 confirmed Malaysia as the host of the Bahrain GP following an agreement between Formula 1, the FIA, and the governments of Malaysia and Bahrain.
The agreement kept the Bahrain GP on the 2026 F1 calendar after the race was cancelled earlier this season due to geopolitical tensions in West Asia.
SIC hosted the Malaysian Grand Prix from 1999 to 2017 before it was removed from the calendar because of rising hosting costs and licensing fees.