Malaysia will not look to extend its Formula One contract when its current deal expires in 2018, according to the government's tourism and culture minister.
In October it emerged Malaysian Grand Prix officials and government ministers were considering dropping the event due to falling attendances, with the New Straits Times reporting a 10 percent reduction year on year. The 2016 edition only saw a 60 percent capacity crowd and what local media reported to be the lowest TV viewing figures since the event joined the calendar in 1999.
With the money required to host the event continuing to rise, minister Nazri Abdul Aziz says the circuit will not be seeking a contract extension after 2018.
"The current agreement is from 2016 to 2018. So once that ends, there will be no more [F1]," Aziz told local media. "F1 attendance is dropping and there is less attraction now. We are spending RM 300 million a year [$97 million].
"The cost of hosting F1 has increased 10-fold compared to the first time it was held."
By contrast to the F1 race, the popularity of the Moto GP event in Malaysia has grown in popularity in recent years.
Aziz also said Malaysia has not produced enough F1 drivers in the years it has hosted the race. Alex Yoong, who competed in 12 races for Minardi between 2001 and 2002, remains the nation's only Formula One driver.