AFP - Singapore will not be rushed into extending its contract with Formula One, the Trade Ministry said on Tuesday, as negotiations for the night race to continue in the city-state are under way.
"Negotiations for the term renewal for F1 is ongoing and a decision has not been reached," a ministry spokesperson told AFP in an e-mailed reply.
"The process has to be a deliberate one to carefully consider the terms and benefits."
Race organiser Singapore GP said it could not comment because negotiations are under way. In a 2018 event calendar released on Monday by motorsport's governing body FIA, there was an asterix next to the Shanghai and Singapore dates with a note that said "subject to commercial rights holder confirmation".
Singapore's Formula One future hangs in the balance as it looks to renegotiate its contract to host the sport's only night race.
The then-Formula One supremo Bernie Ecclestone said last year the promoter was trying to strike a "long-term" deal with Singapore, and played down comments that the Republic was looking to drop the race.
Singapore's 23-turn Marina Bay street circuit is seen as one of the most challenging on the calendar and has proved popular with fans. But organisers said a slowing economic climate has seen daily attendance slump from 87,000 in 2015 to to 73,000 last year.
If negotiations fall through, it would mark the end of Formula One in South-east Asia. Malaysia has announced that this year's race there will be the last due to rising costs and low returns.
SINGAPORE (Reuters) - The Singapore Grand Prix is set to stay on the Formula One calendar until 2021, the sport and race organisers confirmed on Friday, after agreeing a four-year contract extension.
Sunday's race in the city-state would otherwise have been the last.
"I'm very glad that all the parties concerned have been able to agree on commercial terms for an extension as Formula One and, I believe, Singapore have been good for each other," Minister for Trade and Industry S Iswaran told reporters at the Marina Bay street circuit.
"Over the past decade the Singapore race has introduced many innovative elements and become an iconic and highly anticipated event on the F1 calendar," he said.
The sport's first night race is marking its 10th anniversary this year and has established itself as one of the most popular and glamorous of Formula One's events.
Cars drive around a floodlit street circuit through the heart of Singapore against a backdrop of glittering skyscrapers while spectators are entertained by headline music acts. Calvin Harris, Ariana Grande and Seal are on the bill this year.
The race, which will remain 60 percent funded by the government, costs some S$150 million (£82.36 million) to put on every year but Industry Minister Iswaran said that would be going down to S$135 million a year.
It has also contributed S$1.4 billion in tourism receipts to Singapore over the past decade and drawn over 450,000 international visitors, including projected arrivals for this year’s race, according to the Singapore Tourism Board.
Ticket sales for this year's race are 19 percent up.
Formula One Chief Executive Chase Carey described the race as a "signature" event.
"We are very pleased that it will continue to feature on the calendar for a further four years," he added.
Singapore, along with China, had been listed on Formula One's 21-race calendar for next year with an asterisk as subject to confirmation. The new deal removes that doubt and also secures Formula One's future in the region.
Neighbouring Malaysia also hosts a Grand Prix but next month’s race at Sepang is set to be the last.
When asked whether Singapore had come away with a cheaper deal, Carey and Iswaran declined to comment on details.
"We want the Singapore race to be accorded its due importance and position in the context of the F1 calendar because of the value we think it brings to the overall sport," said Iswaran.
"Beyond that the tipping point comes down to a basic analysis of where is the value proposition, can we sustain this going forward and that’s what a lot of the commercial terms were about."
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