Singapore says no deal on extension

The future of Formula One’s only night event, the Singapore Grand Prix (SGP), is still under negotiation with just one race to go before the current deal ends, the local organisers said yesterday.

“What is presently on offer from Formula One Administration is insufficient for us to commit to a full five-year extension,” SGP said in a statement after a Singapore newspaper reported that terms for a new deal had been agreed.

“Negotiations have been going for almost a year. SGP has received a formal renewal notice from F1 Administration to confirm their wish to continue running the night race for a further five years.

“Since then, SGP has been in talks to cement terms that offer commercial viability for the full five years.”

Local media reports estimate that each race costs about $118 million to stage, with the government footing 60 per cent of the cost. The last race under the current deal will be staged on September 23.

Sebastian Vettel won the 2011 race on his way to becoming the youngest double world champion in Formula One history.

Today quoted F1 supremo Bernie Ecclestone yesterday as saying that Singapore will host the night race for another five years.

“Everything that was in the way of the Singapore GP continuing for another five years has been cleared,” Ecclestone was quoted as saying in a front-page report.

“It has always been my intention to see that this race continues beyond our current deal.”