Singapore Grand Prix organisers have dismissed reports
they have agreed a five-year contract extension with Bernie
Ecclestone.
The race made its debut on the Formula 1 calendar in 2008 and has
become a showpiece event for the sport.
Singapore newspaper Today reported that a new deal had been agreed
between the organisers and Ecclestone to continue hosting the race
for a further five years.
"Everything that was in the way of the Singapore Grand Prix
continuing for another five years has been cleared," the newspaper
quoted Ecclestone as saying.
"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."
However, in a later statement the race organisers denied the
reports, stating that negotiations were still ongoing, and
insisting that the terms had to "offer commercial viability for the
full five years."
"What is presently on offer from Formula One Administration is
insufficient for us to commit to a full five-year extension," they
said.
"We remain hopeful at reaching an outcome that is mutually
beneficial to all parties," SGP added.
A feasibility study carried out in 2010 found that the race had
brought £213.5 million of tourism to the country during the first
three years.
Thursday 12th July 2012
ESPN
STAR.COM
