Who owns F1 Singapore?
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As the F1 paddocks are all set to arrive at the Marina Bay Street Circuit for the Singapore Grand Prix, which will mark the first of the last six races of this season, fans are excited to know all the details about this venue. Even though the Singapore Grand Prix was held at a different location during the 1960s, the Marina Bay became home to this grand event since 2008. In the last two years, that is 2020 and 2021, the races at this South-east Asian country were cancelled due to concerns regarding the Covid pandemic, but now it is back with all its old grandeur and pomp.
This time, hotel billionaire and business mogul Ong Beng Seng is the name behind the 2022 Singapore Grand Prix. The Singapore Tourism Board has also reportedly contributed to securing the deal for hosting a Formula 1 Grand Prix in Singapore for another seven years through 2028. This venue allows for one of the most unique night races in the F1 roster, and thus it is an obvious fact that the fans are quite happy that Singapore got a deal renewal for hosting the F1 Grand Prix.
The lion city has been hosting the Singapore Grand Prix for the last 12 seasons, and the races here have seen a huge headcount of over 550,000 international visitors. The F1 GP is supposedly one of the biggest tourism highlights for Singapore and it has generated their nation over $1.5 billion in revenues since its debut in 2008.
Singapore is all set to revamp the Marina Bay Circuit for hosting the Formula 1 GP for the next seven years
At a time when potential venues are being rampantly eliminated from the Formula 1 calendar to make room for the newer venues that the FIA plan to introduce into the sport, Singapore GP has managed to get a big deal which will allow Marina Bay to host the race till 2028. For this year, the race holds a huge level of importance as it will decide if Championship leader Max Verstappen would succeed in defending his title for a second time or not.
Speaking on the renewal of the contract for the Singapore Grand Prix, Ong Beng Seng, the Managing Director for Hotel Properties, said, “After more than a decade of celebrating this spectacular event on the racing calendar, we are looking forward to building on its success and working with Formula 1 as well as its partners to take the night race to greater heights. We are delighted that this marquee event will demonstrate how Singapore is open for business.”
Now, it is yet to be seen how the Singapore Grand Prix pans out, as the fans are anticipating a blast of a showdown between Verstappen and his title rivals. And off the tracks, there will be international stars like Marshmello and The Kid Laroi to entertain the audience at a star-studded concert.
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Riddhi Mondal
(1821 Articles Published)