Malaysia to stop F1 race after 2018, citing poor sales
Malaysia has confirmed that it will not host the Formula One Grand Prix race from 2018, citing poor sales, according to a Reuters report.
Malaysia to stop F1 race after 2018
In November, Malaysia’s tourism minister had said that the country would stop hosting the race after its current agreement expires in 2018.
This move is a blow to new owners Liberty Media, who have been shaking up the sport in a bid to better monetise and market itself.
“The Cabinet has agreed to end the contract for hosting the Formula One race starting 2018 after considering lowering returns to the country compared to the cost of hosting the championships," said Malaysia prime minister Najib Razak in a statement.
The state oil and gas company, Petronas will continue to sponsor the Mercedes AMG Petronas Formula One team as part of its marketing strategy, according to Najib. Petronas is the title sponsor for the race in Malaysia.