Singapore Government backs F1 bid

The Singapore government has given it’s backing to the country’s bid to host a Formula 1 Grand Prix race. There have been suggestions that a race in Singapore would be a night street race.

The Minister of State for Trade & Industry, S Iswaran, said yesterday, “An F1 race is a major financial undertaking for any business venture. It will require the government’s financial and other support to be commercially viable. The government is willing to support such a venture up to a level commensurate with the broader benefits to the economy.

“Formula One is the third most watched sporting event in the world, after the Olympics and World Cup. It is also a glamorous event – one that is attended by sports and entertainment celebrities alike. The attention and ‘buzz’ that F1 generates will expose . Singapore to a very different audience from that in the business and financial world.

“It is not a venture we will support at all costs and, certainly, the government cannot do this all alone without the strong support of key stakeholders and interested businesses, including hoteliers.”

Bernie Ecclestone has denied that any deals were in place yet. “We haven’t entered into any agreement with anyone at the moment. I don’t know anything about it,” he explained.