The organisers of the Singapore Grand Prix have announced an extension to their contract to host the race on the streets of the city until at least 2017.
The current deal had been set to expire after this weekend’s race, but the organisers and Bernie Ecclestone met to negotiate a new deal on Saturday.
Ecclestone confirmed the five-year extension before an official announcement is made later this evening.
“All of us like being here, which is what made it difficult for us to negotiate,” said the F1 boss. “We are here for another five years.”
The 82-year-old however declined to comment on the financial terms of the new deal.
“I always believe that this sort of questions should not be asked,” he added. “A gentleman should never speak about money or last night.”
It’s believed the event costs in the region of £75 million to host, including set-up costs. 60 per cent of that comes from the government who have been keen to reduce the figure should they agree to a new deal.
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