All these are being done in its bid to achieve financial independence from the government.

The review involves a reassessment of all contracts for supply of goods and services, a statement by the corporation said.

More than 70 contracts are being looked into to allow greater transparency in the supply of goods and services.

The statement said PSM felt many of these contracts can be more efficiently run in-house and planning for this has already begun.

PSM has also mandated that there will be no exclusive contractors.

The corporation has 67 contract staff and 109 permanent staff. It says there is substantial duplication of duties among the staff as a result of overstaffing.

As such, PSM has decided that those whose contracts expired on Dec 31, 2018, will be given an extension of one-and-a-half months until Feb 15 to give them a “soft landing” and to enable them to seek other employment.

In addition to reducing expenses, PSC has embarked on a policy of increasing revenue through greater marketing, sales and creative events.

The statement noted that during the recent AFF Suzuki Cup semi-finals and finals, the sale of corporate boxes raised over RM500,000 for PSM — a first in its history.

In addition, there are plans to stage larger entertainment events at the National Stadium in Bukit Jalil.

PSM is discussing with the Football Association of Malaysia (FAM) to step up the number of matches played there.

The number of events at Axiata Arena is also projected to increase by 50 in coming months.

PSM will announce a calendar of the programmes to be held at KL Sports City.

To spruce up its image, PSM will embark on a complete makeover, including its website and social media handling. It will introduce online booking for its facilities and events.

PSM chairman Tony Fernandes said: “The coming months will be tough but, with the right emphasis, there will be light at the end of the tunnel.”

He was confident PSM can emerge as a stronger and more competitive entity after the exercise.