“In terms of being the host, it’s not a problem. It is a question of who is going to pay and whether we can afford it or not,” he told reporters at the association’s Aidilfitri open house today, Bernama reported.

“I have no idea what is (the cost) right now, but definitely it is higher than when we stopped in 2017,” he said.

Malaysia first began hosting Formula 1 grand prix races at Sepang in 1999. The federal government decided to bring it to an end in 2017 due to a significant decline in returns.

Mokhzani said the Sepang circuit remains popular among Formula 1 enthusiasts and drivers. “We get comments from drivers themselves that Sepang is one of the challenging tracks that they want to see back on the calendar,” he said.

He said the possibility of bringing back grand prix racing remained to be seen, given the ringgit’s instability against the US dollar. The costs of running the races are estimated to be over RM200 million a year.

Mokhzani said Formula 1 racing had become more popular than before, with a Netflix series Formula 1: Drive to Survive attracting new motor sport audiences.