The Tourism and Culture Minster in Malaysia confirmed that the country will no longer host the Malaysian Grand Prix after their contract expires in 2018.

Minister Datuk Seri Nazri Abdul Aziz told the Malaysian Parliament that once the contract to host F1 expires in 2018 they will not renew the contract again citing high costs and low return on the investment.

“The current agreement is from 2016 to 2018. So once that ends, there will be no more [F1 in Malaysia],” Nazri told reporters at the Malaysian Parliament.

“F1 attendance is dropping and there is less attraction now. We are spending RM 300 million a year,” he added.

The Malaysian GP organizers were mulling over the idea to drop hosting F1 for some time now and it looks like the government has made their decision regarding the future of the Malaysian GP.