(Source: www.channelnewsasia.com)

SINGAPORE: The Formula 1 Singapore Grand Prix is here to stay.

Singapore’s contract for the sport’s only night race will be extended for another four years, confirmed Formula 1 on Friday (Sep 15).

The deal comes after positive discussions between Formula 1 and Singapore Grand Prix organisers this month.

The fate of the marquee event hung in the balance as organisers negotiated its extension beyond 2017, amid slumping attendances and complaints of businesses being disrupted.

More than 350,000 international visitors have visited the country over the past eight races, generating an average of about S$150 million incremental tourism receipts each year, with foreign visitors making up more than 40 per cent of the unique spectators.

In June, the Ministry of Trade and Industry said that it would not be rushed into an extension, saying that it wanted to “carefully consider the terms and benefits”.

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