S'pore Grand Prix extension resolved, terms agreed for new 5-year F1 deal

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Following almost a year of tough negotiations, Formula 1 boss Bernie Ecclestone insisted on Monday that his Formula One Management (FOM) company had agreed terms with organisers to stage the Singapore Grand Prix for another five years after the current contract expires in September.

Mr Ecclestone, 81, told TODAY newspaper that all obstacles preventing the deal from going through have been resolved and that the timing of the official announcement of the contract renewal will be decided and made by the Singapore Government.

An option for two more races until 2014 - after this year's edition from Sept 21 to 23 - would have kicked in had FOM and the Singapore authorities decided to walk away from the negotiating table.

"Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared," said Mr Ecclestone, chief executive officer of F1 commercial rights holder FOM. "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."

First held in 2008 on the 5.073 km Marina Bay street circuit, the rights fee to stage the Singapore Grand Prix is believed to have cost Singapore organisers US$35 million initially, and after yearly increases, peaked at about US$42 million last year.

It cost another S$150 million to prepare for each race, and 60 per cent - or S$90 million - of that amount is footed by the Singapore Government.

It was also revealed that in the first three years, the night race 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 also attracted a total of 300 million television viewers worldwide.