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Singapore GP confirmed a new multi-year F1 deal

Singapore Grand Prix extended their current Formula 1 deal and it’s expire will at the end of 2017 F1 season. Singapore Grand Prix is the one only night in the Formula 1 world championship.

Today Formula 1 boss Bernie Ecclestone told Todayonline.com, Singapore Grand Prix continuing for another five years has been cleared. Their current contract will expire following this season grand prix in September.

“Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared,” Ecclestone told Todayonline.com.

“I’m happy that this is out of the way because Singapore has been good to F1 and the night race has also been equally good for Singapore.”

“Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared,” Ecclestone told Todayonline.com

“I’m happy that this is out of the way because Singapore has been good to F1 and the night race has also been equally good for Singapore.”

“It has always been my intention to see that this race in Singapore continues beyond our current deal. Now that the negotiations are finally over, I am looking forward to go to Singapore for this year’s event because I’ve always enjoyed it.” Ecclestone added.

Todayonline reports that – the initial Grand Prix in 2008 on Marina Bay street circuit, the rights fee to stage the Singapore Grand Prix is believed to have cost Singapore organizers US$35 million initially, and following yearly increases, peaked at about US$42 million last year. It cost another S$150 million to prepare for each race, and 60 per cent – or S$90 million – of that amount is footed by the Singapore Government.

A feasibility study to review the benefits of continuing with the race here beyond the first agreement was conducted by authorities after the 2010 edition.

It revealed that in the first three years, the night race raked in a total of more than S$420 million in tourism receipts, while an average of more than 110,000 international visitors came to Singapore annually. In terms of global reach, the race also attracted a total of 300 million television viewers worldwide.


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