FIVE MORE YEARS: The Singapore government has agreed to extend its Formula 1 contract to 2017.
SINGAPORE - Singapore has agreed a deal with Formula 1 to extend the country's grand prix contract for another five years until 2017, the government said on Saturday, September 22, 2012.
There had been some doubt about the future of the event, the only night race on the calendar, but on the eve of the fifth edition the Singapore government said a new five-year deal had been agreed.
F1's commercial head Bernie Ecclestone said he was "more than happy" with the Singapore race and paid tribute to the government's "courage" to bring a night race to the calendar.
"All of us like being here. So we are all here for another five years," Ecclestone added. "They have started something so popular worldwide."
The race was first held in 2008 on the Marina Bay street circuit and has become a social highlight of the F1 calendar that rivals Monaco and Abu Dhabi as a draw for dealmakers and corporate heavy-hitters.
F1 had also planned a flotation worth up to $3 billion (R24.84-billion) in Singapore but that has been put on hold due to weak and volatile financial markets.
A feasibility study carried out after the 2010 race found that the grand prix had brought in R2.74-billion in tourism receipts in the first three years.
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