SingTel back in the drive with S’pore GP
SINGAPORE — SingTel has renewed its title sponsorship of the Formula 1 Singapore Grand Prix for a year, striking a deal with race promoter Singapore GP just over two months before this year’s race on Sept 20 to 22.
Under the agreement, SingTel will have the option of renewing the contract on an annual basis until 2017.
The local telco has been involved in the iconic night race since the first edition in 2008, after signing a three-year deal for 2008 to 2010. Following that, a two-year agreement worth a reported S$10 million-S$15 million a year was inked for 2011 and last year.
While SingTel declined to comment on the value of the new sponsorship deal, it said it was delighted to renew its relationship with one of the most anticipated races on the F1 calendar. A spokesperson yesterday said: “SingTel is delighted to continue our title sponsorship of the 2013 Formula 1 SingTel Singapore Grand Prix.
“While title sponsorship of such a great race is an honour in its own right, we really look forward to once again making this event something everyone in Singapore can get excited about. For SingTel, the true value of the partnership lies in the amazing experience we are able to bring to Formula 1 fans in Singapore. We will also once again enhance the race experience through our innovative solutions and services.”
Singapore GP Executive Director Michael Roche added: “As one of Singapore’s most iconic brands, SingTel has been a fantastic fit for the Formula 1 Singapore Grand Prix, and has played an invaluable role in ensuring the success of the world’s only Formula 1 night race since 2008. We look forward to continuing this winning partnership and, together, build upon Singapore’s position as a must-attend event on the Formula 1 calendar.”
News of SingTel’s sponsorship renewal will be met with delight by the local motor sports fraternity, after Formula 1 boss Bernie Ecclestone and Second Minister for Trade and Industry S Iswaran announced last September that the Republic will continue to host the race for another five years until 2017.
Dubbed F1’s crown jewel by Ecclestone, the Singapore Grand Prix has attracted some 360 million in television viewership from 2008 to 2011, garnered over 150,000 international visitors, and some S$140 million-S$150 million in incremental tourism receipts each year.
Organisation of the event is pegged at a cost of S$150 million a year, with the Government co-funding 60 per cent of the approved costs.