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Singapore Grand Prix sees worst-ever ticket sales

SINGAPORE — While the Singapore Grand Prix posted its worst-ever spectator turnout this year — even lower than during the 2009 financial crisis — Trade and Industry Minister S Iswaran said on Monday (Sept 19) that it was too early to draw “any major conclusions”, as he attributed the dip in ticket sales to the economic uncertainty here and worldwide.

Is there enough spark to the Singapore Grand Prix? The low attendance this year suggests that the race is losing its lustre. Photo Getty Images

Is there enough spark to the Singapore Grand Prix? The low attendance this year suggests that the race is losing its lustre. Photo Getty Images

SINGAPORE — While the Singapore Grand Prix posted its worst-ever spectator turnout this year — even lower than during the 2009 financial crisis — Trade and Industry Minister S Iswaran said on Monday (Sept 19) that it was too early to draw “any major conclusions”, as he attributed the dip in ticket sales to the economic uncertainty here and worldwide.

“In terms of the attendance this year, you would have heard from SGP it’s down about 15 per cent. That’s really more a reflection of the global environment in terms of economic uncertainty and so on,” said Mr Iswaran on the sidelines of the Abu Dhabi–Singapore joint forum on Monday.

“It’s a little bit like in 2009, when you had the global financial crisis. There was a major correction and then it went up again quite strongly.

“Interestingly, the paddock clubs and suites have done well, they’ve held up. It’s more in broadbased areas. That again suggests that at the premium level, the race continues to have very good traction with interested consumers and fans.

“It’s more perhaps at the broader base level that we have some issues because of the economic cycle.”

Race promoter Singapore GP (SGP) had revealed on Sunday that the daily attendance this year was pegged at 73,000, with the three-day total at 219,000 people.

It also said that the overall ticket take-up was 15 per cent lower than the average attendance since 2008.

In comparison, the 2009 global financial crisis saw crowds of just under 80,000, with close to 240,000 tickets sold for the three-day event.

Amid the economic slowdown and dipping spectatorship, the future of the Singapore Grand Prix has yet to be decided even though its contract expires next year, as MTI said on Monday that talks with Formula One are still in the early stages.

Pointing to Liberty Media’s US$8 billion (S$10.89 billion) takeover of the sport which was only announced two weeks ago, Mr Iswaran said the new owners would need more time to settle down before a deal can be struck. He had met with the sport’s new chairman Chase Carey, F1 boss Bernie Ecclestone and a few team principals during the race weekend.

“It’s an early stage in the new configuration in F1 so we have to give them time to settle down, and then think it through in terms of what they would like to put forward,” he said.

“On our part, our process would be, as always, a very deliberate one because we want to make sure that as we look ahead to any new agreement ... that it’s one that is anchored on clear mutual benefits and also the terms that are mutually acceptable.

“I would be reluctant to put a timeframe on it simply because all parties involved would want to be sure that we have a good understanding of the overall situation, not just of next year and the year after, but really, some visibility of how the sport and the business are going to develop in the years ahead.”

Dubbed “the crown jewel in F1” by Ecclestone, the Singapore Grand Prix, the only night race on the calendar, has been a hit with motor racing fans worldwide since its inaugural race in 2008, drawing in over 350,000 international visitors and 640 million viewers over the last eight editions.

While F1’s new boss Carey was impressed with his first outing at the Singapore GP, it is not known if Liberty’s foray into the sport will translate into a better deal for Singapore.

Each edition of the race costs about S$150 million to organise, with the Government co-funding 60 per cent of approved costs. In turn, the race generates an average of nearly S$150 million in incremental tourism receipts each year.

Added Mr Iswaran: “My sense of it is, there is a clear appreciation of the value that Singapore brings to F1, not just as a venue but in terms of the larger position of the sport and also as a business, and given the potential for development in Asia, I think there are a lot more prospects.

“How that translates into an actual agreement is another matter altogether and we have to wait and see.

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