Singapore Grand Prix signs extension to host night race till 2021

Formula One chief, Chase Carey, shakes hands with Singapore’s Trade and Industry Minister S. Iswaran during a news conference at the Singapore F1 Grand Prix night race in Singapore on Sept 15, 2017

Singapore will continue to host the Formula 1 for another four years until 2021, announced Minister for Trade and Industry S. Iswaran on Friday (Sept 15).

The Formula One Singapore Grand Prix, organised by the government and Singapore GP, is now in its 10th year and is the sport’s first night race.

Over 40 per cent of spectators generally come from abroad, spending about S$150 million annually in average tourism receipts, reported The Business Times.

It comes as ticket sales so far for this year’s race, which starts on Friday evening, are up 19 per cent, with weekend sales still to be included, added the report.

Ticket sales dropped to about 73,000 for each of the three days of the race weekend last year, reported The Straits Times.

In 2015, the average was 87,000 while the highest was 100,000 in 2008 when the race was first hosted.

Speaking at the All That Matters industry conference in Singapore on Wednesday, Formula One chairman and CEO Chase Carey had said: “We’re proud of the race, we have a good relationship and our goal is to get to a place where we build on that partnership long-term.”

Carey replaced Bernie Ecclestone as the sport’s CEO in January.