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Sepang Int'l Circuit CEO Says F1's Future In Malaysia To Be Determined This Week

Malaysia's Sepang Int'l Circuit CEO Datuk Ahmad Razlan Ahmad Razali said that the "fate of Formula One in the country will be decided by Thursday," according to the NEW STRAITS TIMES. Razlan said that although SIC had a "watertight agreement" with the license holders until '18, a special meeting would be held with SIC’s major stakeholder, the ministry of finance, "with regards to the future of the sporting event in Malaysia." F1 ticket sales "have been on the decline" since '14. Razlan said that each year, "sales had consistently gone down" by 10%. Razlan added that initial reports for the last F1 race showed that TV viewership in Malaysia was the "lowest in history" (NST, 10/24). REUTERS' Rozanna Latiff reported in a series of posts on his official Twitter account, Sports Minister Khairy Jamaluddin said that the "costs of holding the race were too high, while the returns were limited." He said, "When we first hosted the F1 it was a big deal. First in Asia outside Japan. Now so many venues. No first mover advantage. Not a novelty. F1 ticket sales declining, TV viewership down. Foreign visitors down b/c (because) can choose Singapore, China, Middle East. Returns are not as big." State oil and gas firm Petronas is the title sponsor for the F1 race in Kuala Lumpur. The company "has been hit hard in recent times by the tumble in oil prices" (REUTERS, 10/24).

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