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SEPANG - Bahrain will fully bear the Formula One (F1) rights fees of USD70 million (RM298 million) to USD80 million for the Gulf Air Bahrain Grand Prix in Malaysia, according to SIC.
SIC chief executive officer Azhan Shafriman Hanif said this arrangement was agreed through cooperation between SIC and the Bahrain International Circuit (BIC).
"I can confirm that they will be paid by Bahrain," he said at a press conference at SIC here today.
However, Azhan Shafriman said Malaysia still needs to share the cost of local preparations of around RM40 million to ensure the circuit meets Formula One specifications.
He said SIC is currently in discussions with BIC on various operational aspects, including circuit preparations, technical requirements and the allocation of hosting costs.
Azhan Shafriman said that if Malaysia were to host the race annually while bearing the rights fees and local operating costs itself, total expenditure would be expected to reach at least RM300 million.
"Based on the data I have seen, most host countries receive returns of at least three times the value of their expenditure. This means that if RM300 million is spent, the potential returns to the country could reach RM1 billion," he said.
The Formula 1 Gulf Air Bahrain Grand Prix in Malaysia will take place at SIC from Oct 2 to 4 after Malaysia was selected as a replacement host following the postponement of the Bahrain race due to the West Asia conflict. - BERNAMA
