Malaysia announced on Thursday that it has no plans to host a Formula One Grand Prix in the near future, citing prohibitive costs and an already packed racing calendar.

The Southeast Asian nation first hosted an F1 race in 1999 at the Sepang International Circuit, which staged its final Grand Prix in 2017 before Malaysia withdrew from the championship in 2018 over rising expenses.

Sports Minister Hannah Yeoh said bringing Formula One back would require the government to spend around $71 million annually, a figure deemed unsustainable at present.

Meanwhile, the Sepang circuit continues to host an annual MotoGP World Championship race.