23 Sep '12, 4pm

Singapore cuts Formula 1 costs in five-year extension deal

Singapore cuts Formula 1 costs in five-year extension deal

Singapore said the Formula One event will cost less to host in the coming five years and draw more visitors after concluding negotiations just as the city- state’s fifth night race weekend began. The country, the first to stage a night race for the Grand Prix, expects expenses to drop about 15 percent to 20 percent, according to the Ministry of Trade and Industry. The cost of the race is about S$150 million ($122 million), with the government co-funding 60 percent of the amount, said S. Iswaran, Singapore’s second trade minister, who’s responsible for developing the tourism industry . “Singapore is careful where its spends its money,” Song Seng Wun, an economist at CIMB Research Pte in Singapore, said by phone yesterday. “F1 costs the taxpayers a ton of money. It wants the race to stay but it doesn’t want to be taken to the cleaners by the F1 group.” The event will help bo...

Full article: http://www.bloomberg.com/news/2012-09-23/singapore-cuts-f...

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