The future of the Singapore Formula One Grand Prix remains up in the air as the island’s race authority continues to negotiate a deal with Formula One Management (FOM) chief and F1 supremo Bernie Ecclestone.
Singapore GP (SGP) confirmed to the Today newspaper that negotiations over a new deal to stage the Singapore Grand Prix have been going on for almost a year.
But it reiterated that the offer from FOM – which holds the commercial rights to the Formula One race – is "insufficient for us to commit to a full five-year extension".
SGP’s media statement came after Ecclestone insisted on Monday that terms have been agreed for a new five-year deal after the current contract expires in September.
The rights fee for the inaugural Singapore Grand Prix in 2008 – F1’s first night race – is believed to have cost Singapore organisers US$35 million and has increased annually to a peak of about US$42 million last year.
Preparations for each race on the Marina Bay circuit cost S$150 million, with 60% – or S$90 million – paid for by the Singapore Government.
A feasibility study conducted after the 2010 edition revealed that the event raked in a total of more than S$420 million in tourism receipts, while an average of more than 110,000 international visitors came to Singapore annually.
In terms of global reach, the race attracted a total of 300 million television viewers worldwide.
