SINGAPORE — The Singapore Grand Prix will stay on the Formula One calendar through 2017 after an agreement was struck between the national government and F1 supremo Bernie Ecclestone. The two parties made a joint announcement Saturday, after long negotiations over the price of the hosting rights for a race that has quickly established itself as one of the most popular stops with fans and teams alike. “We are all here for another five years,” Ecclestone said. “All of us like being here, which made it difficult for me to negotiate with the minister.” Singapore Trade and Industry Minister S.Iwsaran said the terms of the new deal included “significant reductions in cost to the Singapore government” but neither party was prepared to say if Formula One Management had reduced the price of the hosting rights, which vary from venue to venue. “I always believe these questions should not be asked,” Ecclestone said. “A gentleman should not talk about money or last night.” The new Singapore agreement answers one of the questions about next year's provisional calendar, with contract negotiations over the German and Korean grands prix continuing, while the new track in New Jersey is still under construction ahead of its earmarked June 2013 debut. Ecclestone said he was “more than happy” with the Singapore race and paid tribute to the government's “courage” to bring a night race to the calendar. The race was first held in 2008 on the Marina Bay street circuit and has become a social highlight of the Formula One calendar that rivals Monaco and Abu Dhabi as a draw for dealmakers and corporate heavy-hitters. Formula One had also planned a flotation worth up to $3 billion in Singapore but that has been put on hold due to weak and volatile financial markets. A feasibility study carried out after the 2010 race found that the Grand Prix had brought in 420 million Singapore dollars ($331.37 million) in tourism receipts in the first three years. High costs have caused friction for several hosts of Formula One, which has expanded aggressively from its traditional European domain with seven races in the Asia-Pacific region this season. — Agencies
