Formula one: Singapore says no extension deal yet

SINGAPORE: The future of Formula One’s (F1) only night event, the Singapore Grand Prix (SGP), is still under negotiation with just one race to go before the current deal ends, according to the local organisers. “What is presently on offer from the F1 administration is insufficient for us to commit to a full five-year extension,” said SGP in a statement. “Negotiations have been on-going for almost a year. We remain hopeful at reaching an outcome that is mutually beneficial to all parties.” Local media reports estimate that each race costs about $118 million to stage, with the government footing 60% of the cost. The last race under the current deal will be staged on September 23.

Published in The Express Tribune, July 12^th, 2012.