- Race organisers to work on improving event sustainability
- Previous hosting fee reportedly worth US$35m a year to F1
- Singapore race absent from 2020 and 2021 calendars due to pandemic
Formula One has announced a contract extension with the Singapore Grand Prix for seven years.
The new agreement will run from 2022 until 2028.
The Singapore Grand Prix first joined the Formula One calendar in 2008, however it was absent from the schedule in 2020 and 2021 due to the Covid-19 pandemic.
According to RacingNews365, the previous contract saw the series receive US$35 million per Grand Prix from the host organisers, Singapore GP Pte Ltd (SGP) and the Singapore Tourism Board (STB). Channel News Asia pegged the overall cost of Singapore hosting its Formula One race at US$100 million a year.
The latest hosting contract has seen the organisers commit to improving the sustainability of the event. This includes switching to renewable energy sources, using recyclable materials and increasing recycling efforts. In addition, a sustainable audit will be conducted, ensuring that the Singapore Grand Prix is fully in line with Formula One's own sustainability goals.
SGP and STB have also pledged to connect with the local community, seek to promote diversity amongst event volunteers, as well as place greater emphasis on the health and safety of all attendees.
"I am delighted that Formula One will continue to race in Singapore for another seven years," said Stefano Domenicali, president and chief executive of Formula One.
"The Marina Bay Street Circuit hosted the first night race in Formula One history in 2008, and Singapore has continued to thrill fans, teams, and drivers ever since. Singapore holds a special place on the Formula One calendar, and this extension is part of our long-term commitment to continue to grow the sport in Asia.
"The plans that are in place to reduce the carbon footprint of the event are impressive and align with our plans to be net zero carbon as a sport by 2030 and I look forward to continuing our successful relationship with Singapore GP and the Singapore Tourism Board as Formula One returns to this incredible city."