In news that was expected, Malaysian officials confirmed that they will end their contract to host the Formula One Grand Prix race in 2018 due to declining sales.
“The Cabinet has agreed to end the contract for hosting the Formula One race starting 2018 after considering lowering returns to the country compared to the cost of hosting the championships,” Malaysia Prime Minister Najib Razak said in a prepared statement.
Malaysian national oil and gas firm Petronas is the title sponsor for the F1 race in Kuala Lumpur but even though the company has been hit hard in recent times by falling oil prices, they will continue to sponsor the Mercedes AMG Petronas Formula 1 Team.