Singapore agrees five-year contract extension
|11 July 2012 by Ryan Wood||Tweet
The Singapore night race looks likely to remain a feature on the calendar until at least 2017, after Bernie Ecclestone confirmed that new terms have been agreed with the organisers.
It's believed the organisers were seeking a reduction in the amount it pays for the race, estimated at S$42 million (£21m) in 2011, to ensure "a full five-year extension [is] economically viable," according to Second Minister for Trade and Industry S Iswaran.
81-year-old Ecclestone reports that all obstacles standing in the way of a new deal have been cleared.
"Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared," he said. "I'm happy that this is out of the way because Singapore has been good to F1 and the night race has also been equally good for Singapore."
He added: "It has always been my intention to see that this race in Singapore continues beyond our current deal. Now that the negotiations are finally over, I am looking forward to go to Singapore for this year's event because I've always enjoyed it."
The race costs an additinal S$150 million (£76m) annually in preparing the city, 60 per cent of which is covered by the local government.
However a recent feasibility study revealed that the race brings in almost triple to the local economy through tourism, estimated at S$420 million (£214m), whilst the race is watched by over 300 million annually.