Singapore Grand Prix extends Formula 1 until 2021

Sep 17, 2017, 00:18
Singapore Grand Prix extends Formula 1 until 2021

Officials said on Friday that the cost of hosting the race has been reduced to S$135 million ($100 million or 84 million euros).

S. Iswaran, Minister of Singapore's Trade and Industry, said that the F1 Singapore Grand Prix has made significant revenue for the country's economy as well as motorsport's franchise.

"Singapore is a signature race", Carey added.

Speaking at the event, he said: "We haven't concluded a deal yet, but we're having positive discussions and it is certainly our goal to try and reach a deal that works for both of us".

This new deal has come about thanks to the return of the French Grand Prix, with Paul Ricard set to host the race when it rejoins the calendar in 2018.

The first track to ever stage a night race in the sport has just extended its contract until 2021 and all involved will be hoping it gives the fans some excitement a decade after it held its inaugural race.

Singapore has considerable appeal as a popular tourist destination, with about "40 to 50 percent of visitors (to the race) from overseas", said Lionel Yeo, the chief executive of Singapore's tourism board.

Ferrari's Sebastian Vettel arrives for practice at the Marina Bay Street Circuit in Singapore this week.

In a statement, Formula One said: "Since its debut in 2008, the first ever night Grand Prix is one of the highlights of the F1 calendar and one of the most attractive and spectacular races". Aside from being a street race, the Singapore GP is also known for holding a strong line-up of concerts as well as other entertainment shows.

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