The competition lane association plans to come to terms for a 'similar or a improved deal' than Singapore.
By Shahril Bahrom PETALING JAYA: Sepang International Circuit Sdn Bhd (SIC) will seek for a reduction in a payment to horde a Formula One (F1) competition which first came to Malaysia in 1999, following a similar successful pierce by a Singapore counterpart.
SIC, a Malaysian motorsport competition lane organisation, will embark a discussion with F1 disdainful rights holder Formula One Management Ltd (FOM) "at an suitable time'' before a current stipulate expires in 2015, an SIC central told The Malaysian Reserve.
The competition lane association plans to come to terms for a "similar or a improved deal'' than Singapore which is awaiting a F1 eventuality to price reduction to horde in a coming 5 years as well as expects expenses to dump about 15% to 20%.
The price of Singapore F1, a first to stage a night competition for a Grand Prix, is about S$ 150 million (RM372.83 million), with a supervision co-funding 60% of a amount, pronounced S Iswaran, Singapore's second traffic minister, who's obliged for building a tourism industry, according to a Bloomberg inform upon Sept 24.
"I can safely contend which it price us reduction than which to horde F1 in Malaysia primarily because you are a permanent circuit," SIC authority Mokhzani Mahathir (photo) pronounced in an e-mail response to The Malaysian Reserve, creation reference to a to a price opposite a causeway.
However, this assumes which a supervision is game for a F1 to go on beyond 2015. The price of hosting F1 events mostly c! onsists of royalty/franchise fees payable to FOM, which holds disdainful rights to a popular racing event.
"The supervision pays a promoters fee around Sepang International Circuit. I'm not at liberty to disclose a figure," combined Mokhzani.
However, a Ministry of Finance (MoF) official, who declined to be named, pronounced a fees were paid as well as managed by SIC to FOM.
With a stipulate still valid for another 3 years, SIC has nonetheless to plead fluctuating Malaysia's F1 stipulate with FOM or a MoF, pronounced an SIC official.
When asked when negotiations will proceed for a new F1 contract, Mokhzani told reporters covering a many new F1 competition in Sepang in March which Malaysia would start a negotiations at a end of next year.
Source of revenue
At which time, SIC chief senior manager officer Ahmad Razlan Ahmad Razali was reported to have pronounced which a association was not under pressure from either FOM or a supervision to come up with a decision upon either a F1 stipulate would be continued.
At which time, SIC chief senior manager officer Ahmad Razlan Ahmad Razali was reported to have pronounced which a association was not under pressure from either FOM or a supervision to come up with a decision upon either a F1 stipulate would be continued.
He combined which as a business, SIC would ''definitely wish a F1 competition to stay as it is a source of revenue'' for a company, though a final contend would come from a Cabinet.
The Sepang International Circuit is a motorsport competition lane located in Sepang, close to a Kuala Lumpur International Airport (KLIA) as well as is a hub for engine racing activities in a region. The circuit was strictly inaugurated by a then Prime Minister Dr Mahathir Mohamad in March 1999, who was present in Sepang during a March F1 race.
The Singapore F1 eventuality will help progress tourists as Singapore forecasts arrivals to rise to 17 million as well as tourism spending to strech S$ thirty billion by 2015, a same Bloomberg inform said.
On a Malaysian front, a single SIC central had pronounced 119,960 spectators had turned up over a weekend for a 2012 edition of a ! race.
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In a Economic Transformation Programme annual inform for 2011, it spoke about repackaging F1 as well as MotoGP events.
In an bid to progress a series of spectators to a F1 as well as a MotoGP Races in Malaysia, it pronounced which SIC had repackaged a 2011 events for overseas promotions.
As a outcome of these efforts, it remarkable which F1 in 2011 available a 6.5% enlarge of spectatorship from 2010 while MotoGP 2011 available a 22% increase.
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