Singapore agrees on hosting Formula 1 for another four seasons
Singapore ahead of this weekend’s Grand Prix in the city state signed a deal on September 15 to host Formula 1 races until 2021, or another four seasons. The new Formula 1 management confirmed the agreement which followed a number of discussions between the racing firm and Singapore Grand Prix organisers earlier this month.
The city state, which has unique appeal as a night race, first hosted the race in 2008. However, the fate of the event was uncertain amid dropping visitor numbers in the past and also because of the changes in the ownership and management of Formula 1.
Singapore eventually agreed to an extension, keeping in mind that the Grand Prix has generated about $1 billion in revenue over the past decade, and costs for the hosting the race have been reduced to $100 million by the new racing management.
Singapore’s trade and industry minister S. Iswaran said he was “glad that all parties have been able to agree on commercial terms for an extension, as Formula 1 and Singapore have been good for each other.”
He, however, added that all involved wanted to “thoroughly evaluate the medium term prospects for Formula 1 and the value this term extension brings to Singapore.”
Formula 1 chairman and CEO Chase Carey called the Singapore Grand Prix a “signature Formula 1 race” and said he was pleased that it would continue to feature on the calendar for four more years.
The Formula 1 strategy is currently undergoing a revamp after US group Liberty Media bought a controlling stake in the Formula 1 holding firm last year, accelerating the exit of Briton Bernie Ecclestone, who ran the sport for nearly 40 years but exited under accusations of bribery and tax dodging.
Singapore ahead of this weekend’s Grand Prix in the city state signed a deal on September 15 to host Formula 1 races until 2021, or another four seasons. The new Formula 1 management confirmed the agreement which followed a number of discussions between the racing firm and Singapore Grand Prix organisers earlier this month. The city state, which has unique appeal as a night race, first hosted the race in 2008. However, the fate of the event was uncertain amid dropping visitor numbers in the past and also because of the changes in the ownership and management of Formula 1....
Singapore ahead of this weekend’s Grand Prix in the city state signed a deal on September 15 to host Formula 1 races until 2021, or another four seasons. The new Formula 1 management confirmed the agreement which followed a number of discussions between the racing firm and Singapore Grand Prix organisers earlier this month.
The city state, which has unique appeal as a night race, first hosted the race in 2008. However, the fate of the event was uncertain amid dropping visitor numbers in the past and also because of the changes in the ownership and management of Formula 1.
Singapore eventually agreed to an extension, keeping in mind that the Grand Prix has generated about $1 billion in revenue over the past decade, and costs for the hosting the race have been reduced to $100 million by the new racing management.
Singapore’s trade and industry minister S. Iswaran said he was “glad that all parties have been able to agree on commercial terms for an extension, as Formula 1 and Singapore have been good for each other.”
He, however, added that all involved wanted to “thoroughly evaluate the medium term prospects for Formula 1 and the value this term extension brings to Singapore.”
Formula 1 chairman and CEO Chase Carey called the Singapore Grand Prix a “signature Formula 1 race” and said he was pleased that it would continue to feature on the calendar for four more years.
The Formula 1 strategy is currently undergoing a revamp after US group Liberty Media bought a controlling stake in the Formula 1 holding firm last year, accelerating the exit of Briton Bernie Ecclestone, who ran the sport for nearly 40 years but exited under accusations of bribery and tax dodging.
