The tourism authority is doubting the benefits of hosting the P1 Powerboat event, which has a price tag of €125,000 and only exposes the country to a select audience, industry sources said.
Losing the event would "not make a huge difference" because the coverage Malta benefited from was not really worth the cost. This year, the event cost Malta about €125,000 and the trade feels the money could be "put to better use".
Malta is not on the 2010 Powerboat P1 World Championship provisional calendar, following six consecutive editions since 2004. But negotiations are still under way and all is not lost yet.
P1 said negotiations were ongoing with a number of countries for two of the races of the 2010 championships. Its management is in the final stages of talks with three potential host cities for the second event on the 2010 calendar, scheduled for late May, and a decision should be made shortly.
"We believe the 2010 provisional calendar gives us a stable foundation on which to build the series for all our stakeholders in years to come and this will be boosted next year by the variety and geographical reach of Powerboat P1," the organisers have said.
Talks between the government and the organisers are revolving around finances, according to the sources, and a package was being negotiated for more than just one edition.
Nevertheless, the cost had to be feasible for Malta, the sources said. "It is basically a question of deciding: OK il prezzo é giusto!"
"We do get an amount of coverage from the event but the question is whether it is worth the money," the sources said. "We should not be paying through our nose for what is, ultimately, limited coverage."
The event is aired on Eurosport and other channels but only attracts those the sport already appeals to. That popularity could be growing but it remained limited at the end of the day, the sources maintained.
Other logistical considerations may also be getting in the way, such as the possibility of the event being held earlier on in the year, which could be jeopardised by inclement weather and rough seas in Malta.
The 2010 championship is scheduled to commence a month earlier than the traditional May start date, with the opening Grand Prix of the Sea in Split, Croatia.
May was already iffy and trials have had to be restricted to Grand Harbour in the past, the sources said.
The Powerboat P1 race was supported by the Malta Tourism Authority, which had considered it an event, together with other major ones, that not only enriched the experience of tourists who happened to be in Malta but was fast growing into a reason for them to choose to holiday here.
The Malta Grand Prix of the Sea would see its waters transformed into a high-speed racing circuit.