SINGAPORE (Reuters) - The Singapore Grand Prix
is set to stay on the Formula One calendar until 2021, the sport
and race organisers confirmed on Friday, after agreeing a four-year
contract extension.
Sunday's race in the city-state would
otherwise have been the last.
"I'm very glad that all the parties concerned
have been able to agree on commercial terms for an extension as
Formula One and, I believe, Singapore have been good for each
other," Minister for Trade and Industry S Iswaran told reporters at
the Marina Bay street circuit.
"Over the past decade the Singapore race has
introduced many innovative elements and become an iconic and highly
anticipated event on the F1 calendar," he said.
The sport's first night race is marking its
10th anniversary this year and has established itself as one of the
most popular and glamorous of Formula One's events.
Cars drive around a floodlit street circuit
through the heart of Singapore against a backdrop of glittering
skyscrapers while spectators are entertained by headline music
acts. Calvin Harris, Ariana Grande and Seal are on the bill this
year.
The race, which will remain 60 percent funded
by the government, costs some S$150 million (£82.36 million) to put
on every year but Industry Minister Iswaran said that would be
going down to S$135 million a year.
It has also contributed S$1.4 billion in
tourism receipts to Singapore over the past decade and drawn over
450,000 international visitors, including projected arrivals for
this year’s race, according to the Singapore Tourism Board.
Ticket sales for this year's race are 19
percent up.
Formula One Chief Executive Chase Carey
described the race as a "signature" event.
"We are very pleased that it will continue to
feature on the calendar for a further four years," he added.
Singapore, along with China, had been listed
on Formula One's 21-race calendar for next year with an asterisk as
subject to confirmation. The new deal removes that doubt and also
secures Formula One's future in the region.
Neighbouring Malaysia also hosts a Grand Prix
but next month’s race at Sepang is set to be the last.
When asked whether Singapore had come away
with a cheaper deal, Carey and Iswaran declined to comment on
details.
"We want the Singapore race to be accorded its
due importance and position in the context of the F1 calendar
because of the value we think it brings to the overall sport," said
Iswaran.
"Beyond that the tipping point comes down to a
basic analysis of where is the value proposition, can we sustain
this going forward and that’s what a lot of the commercial terms
were about."
yahoo