Sports

Singapore to continue hosting Formula 1 Grand Prix until 2021

Singapore to continue hosting Formula 1 Grand Prix until 2021

Speaking on the sidelines of the Singapore Summit on Saturday, Rhodes explained how his company provides the electronics backbone for the entire race series.

"We are pleased that the teams and constructors involved in these intensive and complex discussions have reached an agreement satisfactory to all concerned", commented Chase Carey, Chairman and CEO, Formula 1.

This year is the 10th edition of the Singapore Grand Prix.

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Minister for Trade and Industry S. Iswaran on Friday (Sept 15) announced that the Republic will continue hosting the Formula One Singapore Grand Prix for the next four years.

F1 bosses have also negotiated an additional three races, and have extended the deal for three years, to ensure reliable coverage of the main event for the French fans.

Singapore has considerable appeal as a popular tourist destination, with about "40 to 50 percent of visitors (to the race) from overseas", said Lionel Yeo, the chief executive of Singapore's tourism board. "But there are places around the world that present us with great opportunities for us to grow the sport overtime and certainly a country like India with the success and the growth it has had in recent years, makes it an exciting opportunity down the road".

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Following the demise of the Malaysian Grand Prix, which will be held for the last time on 1 October, it will be the only race in the region.

"Over the years, the Singapore event has distinguished itself as one that is not just about the competition, but one complemented by a strong line-up of concerts, entertainment and lifestyle offerings both within the circuit park and throughout the city".

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