Singapore has inked a new deal which will see the country continue to host an F1 race for at least another five years.
There had been some doubt over the future of the race as it was unclear whether race organisers would agree to Bernie Ecclestone’s fee demands. However Ecclestone told reporters, “All of us without many exceptions like being here and I’m very, very happy with this. We’re all here for another five years.”
Singapore’s Second Minister for Trade and Industry S Iswaran said: “We have just concluded the terms of agreement today. The negotiations have taken some time because all parties have had very specific objectives and wanted to arrived at a mutually beneficial outcome. The Singapore Government has taken a very deliberate and careful study of the costs and benefits of continuing with this race and I want to say that our view is that F1 has been good for Singapore. It has helped to strengthen Singapore’s standing as a global city with a vibrant lifestyle.
“From an economic perspective the F1 Singapore Grand Prix has attracted over 150,000 international visitors over the last four years and each year on average it has induced an incremental tourism spend of about Sing$140m-150m. The cost of organizing each race has been about Sing$150m, with government co-funding about 60% of the approved costs.”
The minister also said that although they were looking to see if the track required any variation or modifications, at present there were no plans to change the track and it appears the event will remain as a street race.