SIC positive of F1 contract renewal

However, Mokhzani said the decision on the contract renewal had yet to be finalised and it would only be announced upon getting the green light from its shareholder, the Ministry of Finance.

"We are still in discussion with Formula One Management (FOM) and studying the latest terms of agreement. SIC wants a decision which would benefit all parties involved.

"We want a win-win situation...there are several issues which I'm still not very satisfied and if we can discuss this further, SIC will renew the contract for another three years," he told reporters at a tea reception with the media at SIC, here on Monday.

Commenting on the period of three years, he said there was no minimum or maximum period stated by the FOM.

Mokhzani said three years was sufficient for SIC to improve the organising of F1 in the future.

He added that the involvement of Petronas in sponsoring Mercedes AMG was an added incentive for SIC to continue organising the world class race.

"It is learnt that Petronas has extended its sponsorship of Mercedes AMG team for another three years, and as such, it will be an impetus to hold the F1 in Sepang," he said.

In another development, SIC chief executive officer, Datuk Razlan Razali said the company was all ready for the race on March 27 to 29.