F1 extended to 2017

[Mllcg]

SINGAPORE: Singapore has agreed on a deal with Formula One to extend the country's grand prix contract for another five years until 2017, following months of hard bargaining for cheaper fees.

 

No price tag for the new deal to 2017 was revealed, but Formula One commercial rights-holder Bernie Ecclestone said repeatedly that the Singapore government had proven tough negotiators.

 

"It was difficult for me to negotiate," said Ecclestone, sitting next to Singapore's Second Minister for Trade and Industry S. Iswaran for the announcement ahead of Sunday's grand prix. Mr Iswaran is also a Minister in the Prime Minister's Office and Second Minister for Home Affairs.

 

"He's not easy to deal with and I can't understand why he was complaining about us using the streets and wearing out the streets," he joked. "But we eventually got there and I'm very, very happy. We're all here for another five 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.

 

Singapore is also one of several grand prix hosts to complain about the high race fees it pays to Formula One. When pressed by journalists on whether Singapore had won a cheaper deal, Ecclestone was coy.

 

"I always believe these questions shouldn't be asked," he said, when pressed on the contract's price-tag. "A gentleman should never speak about money and last night."

 

Ecclestone added: "Let me tell you how serious the minister is: you'll be paying for your seat on the way out."

 

The Singapore race, one of seven held in the Asia-Pacific region this year, has been watched by more than 360 million TV viewers, according to government figures, and won universal praise from teams and drivers this week.

 

"This is the fifth Singapore Grand Prix and it's already a great grand prix, great atmosphere, great city," McLaren team principal Martin Whitmarsh said earlier on Saturday.

 

The Singapore 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.

 

According to Mr Iswaran, the race has attracted more than 150,000 visitors spending over S$560m in the past four years.

 

Mr Iswaran said: "From an economic perspective, the F1 Singapore Grand Prix has attracted more than 150,000 international visitors over the last four years, and about S$140m to S$150m in incremental tourism receipts each year. For the extended term, we expect benefits to remain at least at this level."

 

With the cost of organising each race pegged at about S$150m - the government co-funds 60 per cent of the bill - Mr Iswaran stressed that the government would like to reduce costs through factors such as infrastructure, operational efficiencies in race organisation and revised terms with the race promoter and Formula One Administration.

 

While some tweaks could be made to the current Marina Bay Circuit, there are currently no plans to make significant changes to the 5.073km track.

 

Formula One's hefty race fees have long been a problem for hosts. In 2008, Chinese Grand Prix organisers told AFP they were prepared to walk away from Formula One, before later extending their deal.

 

The Australian Grand Prix has been the subject of controversy with estimates that it costs local taxpayers A$50 million to stage.

 

- AFP/CNA/xq/ir

 

http://www.channelnewsasia.com/stories/sin...1227472/1/.html

[Topspin]

With a high proportion of motor heads lurking in this forum, I wonder how many will be going to the race?

[Wt_know]

heng ah ... if not on monday sgp staff all got big envelope on their table

anyway, the renewal is a no brainer la

[Wishcumstrue]

Ecclestone added: "Let me tell you how serious the minister is: you'll be paying for your seat on the way out."

 

My guess is the Singapore gov got what it wants for a cheaper F1 fee - knowing its advantages.

 

Considering Bernie himself admitted the negotiation was "tough", with EU and US still in struggling economically for a foreseeable future and ME getting unstable.

 

Bernie is no stupid guy, knowing that Asia Pac is probably the few remaining place on this Planet to host his expensive $how.

 

He probably is on the defensive now and need to cut lost fast.

 

"He's not easy to deal with and I can't understand why he was complaining about us using the streets and wearing out the streets.." - Bernie on Iswaran.

[VellfireS]

With a high proportion of motor heads lurking in this forum, I wonder how many will be going to the race?

Haha.. HUAT AH.. Every end of September , traffic jam in town..

[Wishcumstrue]

heng ah ... if not on monday sgp staff all got big envelope on their table

anyway, the renewal is a no brainer la

 

It is no brainer that most of the F1 bill is foot by "government $" (aka tax-payer's) and Bernie is earning a major portion of it - while our locals and motor-heads volunteer as marshalls for free!

 

It does not make financial sence with such bill since the event runs only over 1-weekend in every 365 days while commercials businesses around the circuit slow to a trickle.

 

I think Bernie will have more to loose if Singapore F1 is discontinued than Singapore itself.

 

 

 

 

 

[13177]

So it means every year we have to tolerate the jams and inconvenience that F1 brings! If they extend another 5 years, and it means that F1 will be here until 2019!!!! This is really bad news!

[questionedfish]

This is good news! I havent got a chance to visit a race day yet, since the first year. Got chance to do it once before 2019 liao

[13177]

This is good news! I havent got a chance to visit a race day yet, since the first year. Got chance to do it once before 2019 liao

Even they did not extend, you still have a chance to go F1 until 2014 lo.

[Vid]

This is good news! I havent got a chance to visit a race day yet, since the first year. Got chance to do it once before 2019 liao

 

Even they did not extend, you still have a chance to go F1 until 2014 lo.

 

Eh... You guys info sala leh. This year was the last. The extension was for 2013-2017. If you want to go 2014 still can but 2019... not confirm yet

[macrosszero]

According to the agreement, even if the race wouldn't be renewed, Singapore would have had to host two more races before being released from agreement (2013 and 2014).

 

I've been to the race a few times before, I am a petrolhead and personally I rather watch it from home because I actually want to watch it for the racemanship (which you can follow on tv) than just soaking up the atmosphere of the noise and and smells (of the cars and the crowds) by being there in person.

[Damienic]

I went there for first time this year, but actually not just for the race but also for the concerts. For 3 nights can catch acts like Jay Chou, Maroon 5, Bananarama and Katy Perry is not bad at all.

[Mllcg]

i actually was planning to go this year since it was supposed to be the last...

 

glad i didnt. lol

[Vid]

According to the agreement, even if the race wouldn't be renewed, Singapore would have had to host two more races before being released from agreement (2013 and 2014).

 

I've been to the race a few times before, I am a petrolhead and personally I rather watch it from home because I actually want to watch it for the racemanship (which you can follow on tv) than just soaking up the atmosphere of the noise and and smells (of the cars and the crowds) by being there in person.

 

Oh? I didn't know that

 

[Mockngbrd]

Must realize F1 is not for car fans, it's for GDP.

[Sucker]

I think U will love Singapore F1. Good to see F1 has extended.

 

This is good news! I havent got a chance to visit a race day yet, since the first year. Got chance to do it once before 2019 liao

 

[Poseidon]

f--k F1!

[Karoon]

i pray it rains and rains during the race tonight.

 

don't get me wrong. i'm a race fan. no intention to sabo. But singaporegp is seriously the most boring race in the calendar especially now the night race has lost its novelty.

 

so please, rain and may there be spectacular (but non-fatal) crashes.

 

otherwise we'll be treated to another procession.

not hoping too much on those two 'overtaking' zones to provide entertainment.