THE return of Formula 1 to Sepang on Oct 4 is undoubtedly a moment many Malaysians thought they would never see again.
For nearly two decades, the Malaysian Grand Prix was a fixture on the Formula 1 calendar, helping establish Sepang International Circuit as one of the sport's most respected venues.
Yet when Malaysia parted ways with Formula 1 after the 2017 season, the decision reflected a growing concern that the costs of hosting the race no longer justified the returns.
Nine years later, Formula 1 is back — albeit under extraordinary circumstances.
With Bahrain unable to host its race, Malaysia has stepped in to stage the Formula 1 Gulf Air Bahrain Grand Prix.
The announcement has generated excitement among motorsport fans, but it has also revived an old question: should taxpayers support a Formula 1 event?
The answer depends entirely on the financial equation.
If Malaysia were seeking a permanent return to the Formula 1 calendar, concerns over escalating hosting fees would be legitimate.
Governments around the world have become increasingly cautious about committing large sums of public money to major sporting events.
This situation, however, appears markedly different.
Malaysia is not returning as a full-time Formula 1 host. Instead, it is providing the venue and operational capability needed to keep Bahrain's race on the calendar.
If Bahrain is absorbing much of the commercial cost, Malaysia may be able to reap significant economic and promotional benefits without carrying the financial burden that ultimately led to Formula 1's departure in 2017.
That makes this less a sporting expenditure than a strategic opportunity.
The timing is particularly favourable.
Coming just months before Visit Malaysia Year 2026 ends, the race offers a rare chance to place the country before a vast international audience while showcasing its ability to host a world-class event at short notice.
More importantly, Malaysia finds itself occupying a potentially lucrative position on the Formula 1 calendar.
Scheduled between Azerbaijan and Singapore, the race creates an attractive Southeast Asian stop for travelling fans, teams and sponsors.
Unlike Singapore, which commands premium prices during Grand Prix week, Malaysia can offer a more affordable experience while providing easy access to diverse tourism destinations.
For visitors already planning a trip to the region, Sepang could become an additional reason to extend their stay.
The economic impact would extend well beyond the circuit. Hotels, restaurants, transport operators, retailers and tourism attractions stand to benefit from increased visitor spending.
International media coverage and corporate hospitality programmes would further amplify the event's value to the local economy.
Just as significant is the opportunity to showcase Malaysia's infrastructure.
Sepang remains one of the most accessible circuits in Formula 1, supported by a modern airport, extensive road networks and ample accommodation capacity.
Successfully hosting the race would reinforce Malaysia's reputation as a capable destination for major international events.
Yet enthusiasm must be balanced with accountability.
At a time when many Malaysians are grappling with rising living costs and economic uncertainty, any government expenditure associated with Formula 1 will inevitably come under scrutiny. Public support cannot be won through nostalgia alone.
The government should therefore be transparent about the extent of its financial commitment, the responsibilities borne by Bahrain and the projected economic returns.
Clear figures will allow Malaysians to judge whether the investment represents value for money.
Ultimately, the debate is not about motorsport.
It is about whether Malaysia can leverage a global sporting event to generate economic activity, strengthen its international profile and create opportunities that outlast a single race weekend.
If the benefits outweigh the costs, October's Bahrain Grand Prix may be remembered as a smart and timely investment.
If not, it risks being viewed as little more than a brief and expensive trip down memory lane.