Govt Slams The Brakes On Formula 1 Races In Malaysia (Maybe Permanently)

Malaysian Prime Minister Najib Razak has confirmed on Friday that Malaysia will no longer be hosting Formula 1 races beginning next year.

The decision was reportedly made after a deliberate discussion with the Cabinet, according to The New Straits Times.

The reason for pulling the plug on the races was due to the dwindling returns for the country.

“This decision was made after taking into account reports and views from Sepang International Circuit (SIC) on the financial impact to all relevant parties,” Najib said in a blog post on Friday.

According to Najib, the cost of organising a Formula 1 race is very high, and the returns from the event have been noticeably decreasing year over year.

In fact, Fortune magazine reported in October 2016 that last year's Formula 1 year race in Malaysia only managed to move between 55 and 60 per cent of the tickets.

TV viewership in the country was reportedly the lowest in history too.

Malaysia might not be the only country that's dropping the event after next year, though. According to a report by CNBC, F1 boss Bernie Ecclestone revealed back in November last year that Singapore will also drop out of the Formula 1 calendar when the deal runs out in 2017.

Sigh, farewell Formula 1. You've been good to us.