Efforts to secure the future of the Singapore Grand Prix are ongoing, a government member has revealed.
This year marks the penultimate race of the current five-year contract and expectations are high that Formula One’s only full night race will continue beyond 2017.
Negotiations over the race fee were a major sticking point four years ago, but since then the race in Marina Bay has taken on a more significant role in F1, becoming a firm favourite among fans and drivers alike.
Many have even given the event a similar status to its European counterpart in Monaco describing it as Asia’s jewel in the crown.
Certainly, it has become one of the most international races on the calendar with visitors from all around the world coming to sample the event.
Estimates put the total attendance at over 300,000 since 2008, generating an average of $150m per year in revenue for Singapore.
Low Yen Ling, Parliamentary Secretary for Education, Tourism and Industry, has said a new contract is in the best interest of Singapore, given the numerous side benefits that come from hosting an F1 race.
She also revealed that details of the ongoing discussions would likely be revealed in due course.
Given the success the Singapore Grand Prix has had in carving out its own unique place in the sport, losing a race that is both ideally located for fans and is capable of producing an exciting event each year would be a terrible move for F1.
In many ways, the whole weekend, both on and off the track, has become a blueprint for races all around the world to follow. It is one that new owners Liberty Media should consider when they look at how to move the sport forwards and perhaps even expand on with their own ideas.
With many races in the region struggling to capture attention as well, Singapore has become a shining star (pardon the pun) in attracting and maintaining interest in F1.
Therefore, we can all hope that a new deal is done soon and that we can look forward to the sparks, the lights and the sounds of Marina Bay for many more years to come.
