Singapore Grand Prix Set to Receive New Five-Year Deal

The Singapore Grand Prix is set to continue as Formula One supremo confirmed the race will continue at the circuit for a further five years.

The 81-year-old Briton told Singapore’s Today newspaper that the timing of the official announcement of the renewal would be decided by the Singapore government.

“Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared,” said Ecclestone.

“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.”

Singapore GP executive director Michael Roche had earlier said that money was the sticking point in the renewal talks. A government minister added on Monday that the terms had to be “economically viable”.

The race was first held in 2008 on the Marina Bay street circuit and has become a social highlight of the Formula One calendar that rivals Monaco and Abu Dhabi as a draw for dealmakers and corporate heavy-hitters.

Formula One had also planned a flotation worth up to $3 billion in Singapore but that has been put on hold due to weak and volatile markets.

The rights fee for hosting the grand prix was believed to have cost Singapore organisers U.S. $35 million initially with yearly increases rising to $42 million last year.