KUALA LUMPUR – The Malaysian Stadium Corporation (PSM) is tightening its financial and commercial policies after discovering that nearly RM10 million in discounts granted and outstanding payments remain unrecovered from various organisations and companies, chairman Dr Helmy Haja Mydin revealed.
He also said PSM will no longer subsidise profit-making concert organisers through discounted venue rental rates, as the corporation moves to strengthen governance and safeguard public assets.
Speaking on Scoop’s Sport Check podcast, Dr Helmy said PSM is reviewing its discount policies and collection processes to ensure greater financial discipline and accountability in managing the country’s national sports facilities.
“We are looking at a situation where, collectively, there is almost RM10 million in discounts and outstanding payments owed to us by various organisations and companies,” he said.
“That is not a small figure, and it reflects the need for us to be far more structured in how we manage approvals, discounts and collections going forward.”
The podcast was hosted by Big Boom Media Editor-in-Chief Terence Fernandez, and Scoop Executive Editor T. Vignesh.
Dr Helmy said while PSM remains committed to supporting grassroots sports and smaller sporting bodies where appropriate, it can no longer justify extending similar concessions to commercially successful events.
“I think we have to be fair and realistic about this,” he said.
“There are certain organisations, particularly smaller sports associations, where some level of flexibility is reasonable because they may require support.
“But when it comes to large-scale commercial concerts that are clearly profit-making ventures, it is difficult to justify subsidising those events using public resources.”
He said venue rental charges for commercial events should reflect their revenue-generating nature rather than relying on public subsidies.
“If an event is generating significant revenue, then the rental structure has to reflect that reality,” he said.
“We cannot be in a position where taxpayer-funded facilities are effectively providing indirect subsidies to private profit-making enterprises.”
As part of the reforms, Dr Helmy said PSM is introducing stricter standard operating procedures (SOPs) governing discounts, approvals and payment arrangements to eliminate inconsistencies and improve accountability.
“What we are doing now is tightening the SOPs,” he said.
“There must be clear guidelines on when discounts can be given, who has the authority to approve them, and what the justification is. It cannot be arbitrary or based on informal arrangements.”
He said the enhanced governance framework would strengthen PSM’s financial position while ensuring all users of its facilities are treated fairly and consistently.
“At the end of the day, we are managing public assets,” he said.
“So every decision has to be transparent, documented and defensible. That is the direction we are moving towards.” – June 30, 2026