SINGAPORE: Organizers of Formula One’s Singapore Grand Prix announced a four-year contract extension until 2021 on Friday, adding that their costs were falling as they find new efficiencies and revenue streams.
The announcement, prolonging the distinctive night race which has been dubbed F1’s “crown jewel” and the “Monaco of the East,” comes after neighboring Malaysia decided to cancel its Grand Prix, citing rising costs.
Singapore Minister for Industry S. Iswaran said the deal took “several rounds” of negotiations with Formula One’s new owners Liberty Media, who took over this year.
“The Singapore race is clearly a signature race... it’s also our gateway into Asia which is important for our future and our growth,” F1 chief Chase Carey told reporters.
“Singapore is truly an iconic race on our schedule.”
The Singapore Grand Prix, which started in 2008, traverses a floodlit, downtown layout which takes in the city-state’s landmarks and gleaming skyscrapers.
Its extension shows Liberty is keen to make Singapore a centerpiece of its Asian schedule, as it tries to build a more coherent calendar with Asian, European and American swings.
However, Liberty failed to extend Singapore by the usual five years, as the city-state’s authorities remained cautious about F1’s future direction under its new owners.
While neither side divulged terms of the new deal, Iswaran said Singapore’s costs had fallen to Sg$135 million ($100 million) despite inflation over the last 10 years.
“Our race promoters have been able to work with different parties in terms of how they can realize operational efficiencies and also find new ways to generate some of the revenue possibilities as well,” he said.
Carey also spoke of “fair value,” a comment that hinted at a sweetened deal for Singapore.
“We think in the next three to four years we can really take Formula One to a place that is good for all our partners and really adds a new level of excitement and new dimensions to the sport,” he said.
“We think agreements should always reflect ongoing fair value between two parties and we’re happy to have to build this sport if we want to receive increased value over time, to make sure we’re delivering better and better events.”
Iswaran said the decision by Malaysia, which will hold its last grand prix in two weeks’ time, had no bearing on Singapore’s move to stay in Formula One.
He said Singapore had not noticed any significant competition from the Malaysian Grand Prix, even after it was moved to an adjacent slot in the F1 calendar.
Singapore extends ‘Monaco of the East’ Grand Prix to 2021
Singapore extends ‘Monaco of the East’ Grand Prix to 2021
Guardiola hails Man City’s ‘massive’ win over Newcastle
- Guardiola’s second-placed side closed the gap on leaders Arsenal to just two points with their tense victory at the Etihad Stadium
MANCHESTER, United Kingdom: Pep Guardiola labelled Manchester City’s 2-1 win over Newcastle on Saturday as a “massive” moment in the Premier League title race.
Guardiola’s second-placed side closed the gap on leaders Arsenal to just two points with their tense victory at the Etihad Stadium.
Nico O’Reilly put City ahead in the first half and restored the lead before half-time after Lewis Hall had equalized.
City weren’t at their best in the second half, but they held on to pile pressure on spluttering Arsenal, who travel to Tottenham for the north London derby on Sunday.
Guardiola knew it was essential to make Arsenal sweat.
“Massive. Newcastle is an incredible team, awesome in physicality and speed they have up front. Physicality in the middle. Really tough but the team was unbelievable,” he said.
“It’s coming in best part of the season. Every single game will be similar to today.”
After finishing without a trophy last season, City are back in the hunt for the seventh English title of Guardiola’s reign.
They will have a game in hand on Arsenal after this weekend and are guaranteed to win the title if they win their last 11 league matches.
Guardiola has embarked on an expensive overhaul of City’s squad in the last 12 months, shedding aging stars like Kevin De Bruyne, Ederson and Kyle Walker and bringing in the likes of Marc Guehi, Antoine Semenyo and Rayan Cherki.
The Spaniard is well aware that his new generation largely lacks the experience of winning under the pressure of a title race, which made their gritty success against Newcastle even more meaningful.
“70 percent of the players have never been in that situation, and I don’t play. So we have to live it, they know that every game will be like this,” he said.
“Especially at home, with five home games left. Today was the best crowd of the year, it was unbelievable with our people, really proud to be manager of these incredible people and fans.
“Of course in terms of points it’s important, but we have to improve to have chance to compete until the end. Now we deserve three more days off. Then another battle in Leeds.”
Guardiola singled out O’Reilly for praise after the young England midfielder’s pair of clinical finishes showed he won’t be affected by the strain of chasing Arsenal.
“Nico give us in the middle that physicality that we need. He now plays in his position,” he said.
“He has always played that, he is so complete and so young. I am really pleased the academy produced these incredible players, Nico, Phil (Foden), Rico (Lewis).”
