How much does Singapore pay for Formula 1?
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Singapore Grand Prix
Gone are the days when Formula 1 was considered to a sport from the reclused elite of Europe. With the ownership of the F1 franchise changing hands and landing under the wings of the Liberty Media, there have been increasing efforts to spread the word about the Grands Prix to the farthest corners of the world in order to gain more popularity, more audience, and of course, more revenues.
With that being said, the FIA are set upon bringing more venues in Asia and the Americas into the F1 calendar, and one of the biggest overseas venues for the sport is in Singapore–the Marina Bay Street Circuit. Marina Bay has been home to the Singapore GP since 2008, and it had started the unique concept of night races in F1. It goes without saying, the Singapore race has attracted a vast headcount in the past, and this year, it is expected to surpass all previous numbers as the Grand Prix was cancelled for 2020 and 2021, owing to Covid restrictions.
Every venue has to make a bid to host the Formula 1 races, and for the Singapore GP, this bidding has gone very favorably. Recently, they signed a deal which allows Marina Bay to continue hosting the Singapore Grand Prix for the next seven years, till 2028. For this, billionaire hotelier Oneg Beng Seng and the Singapore Tourism Board are the main contributors, as they have pooled a little over $100 million to secure the contract.
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Marina Bay Street Circuit to stay in the F1 calendar till 2028 for holding the Singapore Grand Prix
The Singapore Tourism Board has been one of the most crucial forces in bringing Formula 1 home to Marina Bay. With this, their aim is to help the country recover whatever losses it has faced in the tourism sector due to the travel restrictions in the last two years due to the Covid-19 pandemic. According to the officials who went ahead to sign the deal with the FIA for Singapore to become a host for a Grand Prix for the next seven years, this deal will help their country attract international guests, and this will boost their economy.
A financial analyst, Derek Tan, commented, “Formula One is still the peak period for the hospitality sector in Singapore.” Thus, it is evident that Singapore has a lot to gain from their deal with the F1 committee, and hence they had no worries signing up for hosting a Grand Prix at the Marina Bay Street Circuit till 2028.
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Riddhi Mondal
(1821 Articles Published)