• Singapore Grand Prix

Singapore set to extend deal

The spectacular Singapore Grand Prix has been a success on the Formula One calendar © Sutton Images

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The Singapore Grand Prix organisers have agreed a new contract to host the race for a further five years, according to Bernie Ecclestone.

Formula One's first night race has proven a popular addition to the calendar since it was first run in 2008. The current contract was due to end after this season's race, although if new terms weren't agreed an option could have been activated that would have seen it run until 2014. However, Ecclestone confirmed to Singapore's Today newspaper that a new contract had been agreed.

"Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared," Ecclestone said. "I'm happy that this is out of the way because Singapore has been good to F1 and the night race has also been equally good for Singapore.

"It has always been my intention to see that this race in Singapore continues beyond our current deal. Now that the negotiations are finally over, I am looking forward to go to Singapore for this year's event because I've always enjoyed it."

Ecclestone's quotes, however, come after Singapore's Second Minister for Trade and Industry told parliament that negotiations were "still ongoing" and that the race would continue "only if the terms for a full five-year extension are economically viable".

A later statement from the Singapore Grand Prix organisers said: ""What is presently on offer from Formula One Administration is insufficient for us to commit to a full five-year extension ... We remain hopeful at reaching an outcome that is mutually beneficial to all parties."

A feasibility study to review the benefits of the race after the 2010 grand prix said that it brought in around £213 million ($331.37 million) in tourism receipts in its first three years.

© ESPN Sports Media Ltd.