Tourism and Culture Minister Nazri Abdul Aziz today admitted there is no point for Malaysia to continue hosting the Formula 1 Grand Prix beyond 2018 due to the high costs and declining returns.

Based on discussions with industry players, Nazri said he was informed that on top of the USD50 million costs for the licence to hold the event, organisers would need to spend hundreds of million ringgit more for other preparations.

This is aside from the declining popularity of the annual event as an attraction for visitors, he said.