11/07/2012
NEWS STORY
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Bernie Ecclestone has revealed that a new deal has been agreed which will see Singapore retain its place on the F1 calendar for another five years.
The current contract for the night race, one of the more popular additions to the F1 calendar, runs out this year. Speaking to Singapore Today, Ecclestone said that though the government has yet to officially announce the move a new deal has been done.
"Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared," he said. "I'm happy that this is out of the way because Singapore has been good to F1 and the night race has also been equally good for Singapore."
Speaking at the weekend, Michael Roche, Singapore GP executive director, cast doubt on the future of the event, admitting that money (as ever) was the sticking point.
Previously, government ministers had admitted that the race fee, understood to be £22.4m ($35m) in 2008 and rising to £26.9m ($42m) in 2011, had to be economically viable.
According to Reuters, a feasibility study carried out after the 2010 race found that the Grand Prix had brought in £212.8m ($331.3m) in tourism receipts in the first three years of its running.