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          Singapore GP agrees new four year deal, on calendar until 2021

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          • Jake Michaels, ESPN Senior WriterSep 15, 2017, 07:41 AM
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              Jake Michaels is a Melbourne-based sports writer who covers everything from Aussie Rules to Formula One, basketball to boxing. He has been with ESPN for 10 years and works as a Senior Writer, covering sport in Australia and around the world.
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          MARINA BAY, Singapore -- The future of the Singapore Grand Prix has been confirmed with Liberty Media and race officials agreeing to a four year contract extension which will see Formula One returning to Marina Bay until at least 2021.

          Since being added to the calendar in 2008 as Formula One's first ever night race, Singapore has evolved into one of the most popular and iconic events of the season. However, questions had been raised as to whether it would remain after the FIA's 2018 calendar listed Singapore, along with China, as 'provisional'.

          But on the eve of the 10 year anniversary of the race, Liberty Media's Chase Carey confirmed Singapore would remain a key part of Formula One's future, highlighting the importance of re-signing such a marquee race.

          "The Singapore Grand Prix is a signature Formula One race and therefore we are very pleased that it will continue to feature on the calendar for a further four years," Carey said. "The first ever night race in this sport is one of the most thrilling events of the year.

          "The Singapore Grand Prix, the Singapore Tourism Board and the Singapore government have all done an excellent job in making this an event that involves the whole city.

          "We are looking forward to making the next four years even more spectacular and exciting."

          Over the ten years of the Singapore Grand Prix the race has hosted over 450,000 visitors and the government estimates that they have contributed over S$1.4 billion in tourism receipts. The total hosting costs of the Singapore Grand Prix are expected to go down from an estimated S$150 million per year to S$135 million, with the local government committing 60 percent and organisers the remaining 40 percent.

          "The Singapore Grand Prix has generated significant benefits for our economy as well as the Formula 1 franchise," said Singapore's Minister for Trade and Industry, S Iswaran. "With its global viewership and media coverage, the race has reinforced Singapore's image as a vibrant and innovative city to a wide international audience."

          With confirmation of Singapore's involvement in 2018, it means a minimum of 20 races next year with Shanghai, still under provision, potentially taking the total to 21.