F1 has announced that they have extended their contract with Singapore Grand Prix for the next seven years.
The Singapore Grand Prix will be back on the racing calendar this year after 2 years absent due to Covid-19 pandemic.
Speaking about the new developments, Stefano Domenicali, president and chief executive of Formula One said, “I am delighted that Formula One will continue to race in Singapore for another seven years.”
“The Marina Bay Street Circuit hosted the first night race in Formula One history in 2008, and Singapore has continued to thrill fans, teams, and drivers ever since. Singapore holds a special place on the Formula One calendar, and this extension is part of our long-term commitment to continue to grow the sport in Asia.
Formula One is a multi billion sports business and it draw a lots of marketing and advertising.
According to RacingNews365, the previous contract saw the series receive US$35 million per Grand Prix from the host organisers, Singapore GP Pte Ltd (SGP) and the Singapore Tourism Board (STB). Channel News Asia pegged the overall cost of Singapore hosting its Formula One race at US$100 million a year, Sportspromedia reported.
“The plans that are in place to reduce the carbon footprint of the event are impressive and align with our plans to be net zero carbon as a sport by 2030 and I look forward to continuing our successful relationship with Singapore GP and the Singapore Tourism Board as Formula One returns to this incredible city,” adds Domenicali, president and CEO of F1.
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