Singapore extends F1 contract

SINGAPORE, 18 September 2017 – Singapore GP Pte Ltd and Singapore Tourism Board announced, Friday, that they will continue to host the FIA Formula 1 World Championship for four more years from 2018 to 2021.

The agreement was concluded after several rounds of negotiations between the Singapore Tourism Board, the race promoter, Singapore Grand Prix Pte Ltd (SGP), and FORMULA 1 that commenced last February.

The announcement comes against the background of a year-to-date 19% increase in ticket sales, with the weekend sales still to be included.

 

Going forward, the cost of organising the race should be lower at about SGD135 million per year. Minister for Trade and Industry (Industry), S Iswaran, told a press conference, Friday that he considered the drop in organisational costs as “noteworthy considering operational costs in general have continued to rise over the past 10 years.”

The government’s share of costs remains at 60%.

In its first decade, 2008 to 2017, the race has yielded significant economic benefits, attracting over 450,000 international visitors to Singapore and about SGD1.4 billion in tourism receipts).

With more than 90% of the race organisation sub-contracted annually to Singapore-based companies, the race also contributes to the local economy, over and above tourism outcomes. This event has also showcased Singapore as an attractive destination to over 780 million international broadcast viewers.

Over the years, the Singapore F1 race has distinguished itself as an event that is not only about the sport, but also about a strong line-up of concerts, entertainment and lifestyle offerings both within the circuit park and throughout the city.

Singapore Tourism Board chief executive, Lionel Yeo said: “The race in Singapore has provided an excellent platform for businesses to test bed new lifestyle initiatives and products. This has not only created an exciting atmosphere during the race season, but also injected creative concepts and experiences that continue to attract tourists to Singapore all year round.”

Singapore GP’s Ong Beng Seng added: “Since 2008 we have enjoyed a close working relationship with Formula 1 and all of its key players. We believe this has been a beneficial partnership for all parties, for our city and for the sport, and we look forward to building on that foundation with F1’s new owners.”

Minister for Trade and Industry (Industry) S Iswaran said, “The F1 Singapore Grand Prix has generated significant benefits for our economy as well as the Formula 1 franchise. 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.”

Formula 1 racing began in 1950 and is the world’s most prestigious motor racing competition, as well as the world’s most popular annual sporting series. In 2016, it was watched by 400 million unique television viewers from over 200 territories. The 2017 FIA Formula 1 World Championship runs from March to November and spans 20 races in 20 countries across five continents.

Singapore has successfully hosted the only night race in Grand Prix history and Asia’s only street race on the Formula 1 calendar at the Marina Bay street circuit in downtown Singapore since 2008.