Singapore won’t be rushed into extending F1 contract: MTI

SINGAPORE — Singapore will not be rushed into extending its contract with Formula One, the trade ministry said Tuesday (June 20) as negotiations for the night race to continue in the city-state are underway.

“Negotiations for the term renewal for F1 is ongoing and a decision has not been reached,” a ministry spokesperson told AFP in an emailed reply.

“The process is a deliberate one to carefully consider the terms and benefits.”

Race organiser Singapore GP said it could not comment because negotiations are underway.

In a 2018 event calendar released 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 the city-state 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 Lion City 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 to 73,000 in 2016 from 87,000 in 2015.

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. AFP