I think any thing can be achieved if people are sincere, the problem with us is we first try to make a real big jump to make the world record in the first attempt and then when the interest goes out we ended up having a mess of that stuff.
The best example of such behaviour can be seen in Hockey Stadium of Pakistan in Lahore, we build the biggest field hockey stadium in the world, if I am not mistaken it has the capacity of near 1,00,000 people, when we build it Pakistan was ruling the world of hockey but nowadays that stadium is empty and Hockey in Pakistan is almost on the last stages as sports too.
So, investing such a high amount to build a race track which only will be needed once a year is not a suitable option, instead if we really want to try our luck in motorsports first we should build the infrastructure which could bring up talent in motorsports from our own people. Like lower formula racing which could be above Go-Kart racing also I don't know may be there is some motorsports authority of any sort in Pakistan but if there is not then we also needs Motorsports Authority so they could make a guide line for the future of motorsports in Pakistan.
Who says these tracks are making profits by holding these races, almost all the tracks around the world which holds F1 races have been suffering from losses. Also these $40 Million is the fee to hold a race and have to be paid every year, its irrespective of whether there are fans attending the race or not.