F1 regime change held up Singapore GP deal

Sep.16 (GMM) F1’s change of management held up talks for a new Singapore grand prix deal, minister S Iswaran said ahead of the city-state’s 2017 race.

Before a new contract for 2018-2021 was announced on Friday, the Singapore night race – now one of F1’s blue-riband events – had mere provisional status on next year’s calendar.

Trade and industry minister S Iswaran said the move from the Bernie Ecclestone era held up the talks which have now concluded successfully.

“First, with the changes in the ownership and management of F1, serious negotiations could commence only in February,” he explained.

Iswaran also explained why Singapore has agreed only a four-year deal, even though the previous contract extension was for five years.

It is believed the decision is connected with the looming end of the current ‘Concorde agreement’ in 2020 and Liberty Media’s plans beyond that.

“We wanted to thoroughly evaluate the medium-term prospects for F1 and the value a term extension could bring to Singapore,” said Iswaran.

“I am glad that all parties have been able to agree on commercial terms for the extension.”

Related News

  • 19/09/2016 No new Singapore GP deal agreed yet Sep.19 (GMM) The Singapore grand prix weekend was run and won without a new deal being agreed for the future. We reported that talks took place at the scene of the spectacular night race […]
  • 08/02/2019 Liberty will struggle to sell F1 – Yermilin Feb.8 (GMM) Liberty Media will struggle to sell F1 for a profit. That is the view of Igor Yermilin, president of Russia's motor racing federation. He was asked by Russia's Sportbox […]
  • 08/09/2016 Ecclestone staying as F1 sale announced Sep.8 (GMM) Bernie Ecclestone is staying in formula one, despite earlier speculation that the F1 supremo would be ousted amid the sale deal to Liberty Media. That deal was announced late […]
  • 08/09/2016 Ecclestone staying as F1 sale announced Sep.8 (GMM) Bernie Ecclestone is staying in formula one, despite earlier speculation that the F1 supremo would be ousted amid the sale deal to Liberty Media. That deal was announced late […]
  • 06/12/2018 Ecclestone doubts F1 will race in Miami, London Dec.6 (GMM) Bernie Ecclestone doubts Liberty Media's ability to deliver a second US grand prix on the streets of Miami. Plans for the Miami race have fallen through for now, but F1 owner […]
  • 29/03/2015 Malaysia announces new F1 race deal Mar.29 (GMM) Malaysia will continue to host a grand prix for at least the next three years. As the chequered flag waved on Sepang's seventeenth F1 race on Sunday, the office of the […]
  • 12/11/2018 Miami GP plans still not dead – Carey Nov.12 (GMM) Chase Carey insists that plans for a grand prix in Miami have not been scrapped. In late September, the Miami city commission voted to indefinitely defer the […]
  • 07/02/2019 Liberty ‘underestimated’ F1 takeover – Horner Feb.7 (GMM) Liberty Media "underestimated" the task of running F1. That is the view of Red Bull's Christian Horner, who was asked about the latest issues surrounding the current F1 owner […]
  • 30/06/2019 Don’t ‘muck around’ with Silverstone – Ecclestone Jun.30 (GMM) Bernie Ecclestone has warned Liberty Media not to "muck around with Silverstone". The British grand prix promoters have cancelled their race contract for financial reasons, […]
  • 18/04/2017 Carey hits back at Ecclestone race fee comments Apr.18 (GMM) Chase Carey has hit back at his predecessor Bernie Ecclestone following comments made in Bahrain last weekend. While attending his first race since being ousted as F1 […]