22 Sep '12, 5pm

Singapore to host 5 more years of the #F1 till 2017, new deal has 15 to 20% lower costs

SINGAPORE- Four years of hosting Formula 1's only night race gave the Government and Singapore GP valuable insights and put them in good stead when negotiating a renewal of contract with Formula One Administration (FOA). That resulted in a new five-year deal that will last until 2017 and help cut overall costs of organising the event by 15 to 20 per cent. Announcing the agreement with FOA chief Bernie Ecclestone, Singapore GP (SGP) boss Ong Beng Seng and Singapore Tourism Board chief executive Lionel Yeo at the F1 Pit Building, Second Minister for Trade and Industry S Iswaran said the event had benefited both Singapore and Formula 1. Meeting local media later, he said the agreement came about after a careful and deliberate process that studied the benefits and costs of continuing as host of the night race. With the benefit of concrete numbers, he said organisers were able ...

Full article: http://www.todayonline.com/Singapore/EDC120923-0000002/Lo...

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straitstimes.com 22 Sep '12, 11am

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