Singapore extends Formula One races to 2021

World
Europe

Organizers of Formula One's Singapore Grand Prix announced a four-year contract extension until 2021 on Friday, adding that their costs were falling as they find new efficiencies and revenue streams.

The announcement, prolonging the distinctive night race which has been dubbed F1's "crown jewel" and the "Monaco of the East," comes after neighboring Malaysia decided to cancel its grand prix, citing rising costs.

Singapore Minister for Trade and Industry S. Iswaran said the deal took "several rounds" of negotiations with Formula One's new owners Liberty Media, who took over this year.

"The Singapore race is clearly a signature race... it's also our gateway into Asia which is important for our future and our growth," F1 chief Chase Carey told reporters.

"Singapore is truly an iconic race on our schedule."

F1 chairman Chase Carey (R) addresses a press conference beside Singapore's Minister of Trade and Industry S. Iswaran in Singapore on September 15, 2017. /AFP Photo

The Singapore Grand Prix, which started in 2008, traverses a floodlit, downtown layout which takes in the city-state's landmarks and gleaming skyscrapers.

Its extension shows Liberty is keen to make Singapore a centerpiece of its Asian schedule, as it tries to build a more coherent calendar with Asian, European and American swings.

"We're in the early days of the plans we have for the future," Carey said. "Asia is tremendously important. Asia and the Americas are truly unique opportunities for us."

The Singapore GP has generated 1.4 billion in Singapore dollars (1 billion US dollars) over the past decade.

That compared to the costs of 135 million Singapore dollars (100 million US dollars) despite inflation over the last 10 years.

However, Liberty failed to extend Singapore by the usual five years, as the city-state's authorities remained cautious about F1's future direction under its new owners.

Singapore has considerable appeal as a popular tourist destination, with about "40 to 50 percent of visitors (to the race) from overseas," said Lionel Yeo, the chief executive of Singapore's tourism board.

There are no immediate plans to change or modify the five-kilometer track.

4480km

Source(s): AP ,AFP