Govt spent RM70mil to host Bahrain F1 Grand Prix
KUALA LUMPUR: The government spent RM70 million to host the Formula 1 Gulf Air Bahrain Grand Prix at the Sepang International Circuit (SIC) last month.
Youth and Sports Minister Dr Mohammed Taufiq Johari said the sum covered circuit maintenance and SIC's operating costs, while Bahrain bore the remaining expenses.
He said hosting the race in Malaysia was estimated to cost RM350 million, including the rights fee and SIC's preparations.
"Based on information from Formula One Management, the event generated an economic impact of almost RM950 million for the country.
"This covers the hospitality, tourism, international aviation, transport, goods and services, food and beverage, and circuit operations sectors, as well as the Litar Rasa Madani programme," he said in a written parliamentary reply yesterday.
He said detailed figures would be provided in an economic impact study report being prepared by a consultancy firm appointed by SIC.
The event also created about 7,300 jobs, he said.
These comprised 6,167 jobs in businesses and services catering to visitors, 757 in race operations and infrastructure, and 376 involving racing teams, sponsors and F1 operations.
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