Singapore extends Formula One contract until 2017

  • Singapore has signed a deal with Formula One to extend the country's grand prix contract for another five years until 2017.

    Doubts had previously been cast over the future of the event but on the eve of the fifth edition, the Singapore government announced a new five-year deal had been agreed.

    The race was first held in 2008 on the Marina Bay street circuit and has since become a social highlight of the Formula One calendar.

    Formula One also has plans for a flotation worth some $3 billion in Singapore but has been forced to put it on hold due to weak financial marktes.

    A study carried out after the 2010 race found that the grand prix had brought over $330 million in tourism receipts in the first three years.