For a developing country to even consider chasing F1 is simply silly.
Even Korea could not make a go of it & those in the know in Malaysia wish they had never heard of F1.
These two are the only 2 that I have been unvolved in.
For a 5 day event the returns are just not there
By the time everybody is paid, the infrastructure is in place (if roadrace millions spent every year to
get the thing ready & put it to bed after, it is hardly worth it.
As already stated monies could be spent on much more important issues