Singapore wants to drop F1 race, says Ecclestone

SINGAPORE — Fresh doubts have been cast on the future of the Singapore Grand Prix after Formula One head honcho Bernie Ecclestone claimed the Republic no longer wants to host a race.

Speculation was rife during September’s edition about whether negotiations to extend the tenure of the race, when its five-year deal expires next year, would be successful.

In an interview with German magazine Auto Motor Und Sport that was published yesterday, Ecclestone — who once christened the Singapore night race the “crown jewel” of Formula One — claimed that Singapore is not going to extend the deal. “Look at what we have done for Singapore,” the F1 chief executive was quoted as saying.

“Yes, the Grand Prix has cost Singapore a lot of money, but we’ve also given them a lot of money.

“Singapore was suddenly more than just an airport to fly to or from somewhere. Now they believe they have reached their goal and they do not want a Grand Prix anymore.”

When contacted by TODAY, a spokesperson from organiser Singapore GP said it “doesn’t comment on ongoing commercial negotiations”.

Mr Ecclestone’s comments came on the back of a poor 2016 edition of the Singapore race.

The organiser reported that overall ticket sales at the Marina Bay Street Circuit were 15 per cent lower than the average attendance since 2008.

While some may regard Mr Ecclestone’s latest comments as a pressure tactic to get Singapore to seal the deal, Deloitte Singapore analyst James Walton disagreed.

“He must be fairly certain about the direction things are heading,” observed Mr Walton, the Clients and Markets partner and head of the Sports Business service line at Deloitte Singapore and South-east Asia.

“To turn around and suggest Singapore is ungrateful, that’s no negotiation tactic, that’s a jilted person. To me this tactic is burning bridges.”

Mr Walton added that the current world and economical climate means Singapore is right to adopt a wait-and-see approach.

“With Brexit, Donald Trump and the Trans-Pacific Partnership, everyone is waiting to see what happens,” he said.

“If you sign up for the contract, the fees increase with the duration and there is a built-in inflation element.

“That means sitting in 2016 gambling on the fact that there will not be a severe recession in the next few years with people questioning why we are spending money on a luxury. It’s a tricky one for the Singapore Government in this economic climate.”