The Singapore Grand Prix will remain on the Formula 1 calendar until 2021 at least after a new four-year deal was announced between organisers and CEO Chase Carey on Friday.
The future of the race, celebrating its 10th running this weekend, had been uncertain as the city-state evaluated whether the annual S$150m expenditure it requires to hold the popular night race on the streets of Marina Bay, still carried the same value.
But with that cost set to fall slightly and ticket sales up for the first time in several years, the event, which had been marked as provisional on the 2018 schedule released earlier this summer, is now guaranteed to feature.
When revealing the new deal, F1 CEO Chase Carey alluded to the excellent reputation the race in Singapore has garnered in such a short amount of time and the popularity it has among drivers and fans with the unique setting and challenge of night racing still as remarkable as it was in 2008.
“The Singapore Grand Prix is a signature Formula One race and therefore we are very pleased that it will continue to feature on the calendar for a further four years,” he said. “The first ever night race in this sport is one of the most thrilling events of the year.
“The Singapore Grand Prix, the Singapore Tourism Board and the Singapore government have all done an excellent job in making this an event that involves the whole city and we are looking forward to making the next four years even more spectacular and exciting.”
The success of the Singapore race, with 450,000 visitors and over S$1 billion of revenue linked to the event, sits in stark contrast to many other modern races that have come and gone with the likes of India, Korea only lasting a few years, China’s future still undecided and nearby Malaysia ending their stint on the schedule after 18 years in two weeks time.
This is one of the reasons why it was imperative Asia’s ‘Jewel in the Crown’ remained and also because Singapore is somewhat of a blueprint for Liberty Media and their ambitions to grow F1 in the future.
“The Singapore Grand Prix has generated significant benefits for our economy as well as the Formula 1 franchise,” Singapore’s Minister for Trade and Industry, S Iswaran commented. “With its global viewership and media coverage, the race has reinforced Singapore’s image as a vibrant and innovative city to a wide international audience.”
