Formula 1 CEO Chase Carey is confident a new deal will be done to secure the future of the Singapore Grand Prix, as the city-state prepares for the 10th running of the annual night race this weekend.

Organisers have been deliberating whether to continue the event which has become one of the leading races of the year for fans and has quickly established a prestige among the drivers too for the challenge presented around the Marina Bay street circuit.  

However, high race fees and reduced attendance figures have led to questions over the viability of the Singapore race which has was placed as provisional on the 2018 F1 calendar earlier this year.

Nevertheless, Carey, whose first trip to a race occurred a year ago after it was announced Liberty Media would be buying the sport for $8 billion from former owners CVC, believes an agreement can be made.

“We haven’t concluded a deal yet but we’re having positive discussions and it is certainly our goal to try and reach a deal that works for both of us,” he was quoted by Reuters as saying in Singapore on Wednesday.

Recently, Commercial Director Sean Bratches indicated there had been some 40 notifications of interest regarding a future spot on the schedule with many following the same city-based model that Singapore uses and a model the new leadership are keen to evolve.

“We’re proud of the race, we have a good relationship and our goal is to get to a place where we build on that partnership long-term,” Carey continued. “It is certainly a spectacular setting with the city lit up, racing through the streets.

“In many ways, it’s a race that anchors our Asian strategy. Still, early days for us growing in Asia but certainly a signature race for Asia, a signature race for us globally and it’s great to be here.”

The future of the Singapore race could also benefit from the unfortunate demise of the nearby Malaysian Grand Prix which is scheduled to host its final race at least for the foreseeable future in two weeks time at Sepang.