Photo of F1 race track Singapore from F1

According to a media interview with the CEO of Formula One Group Bernie Ecclestone, the Singapore government will drop the annual F1 race by not extending the existing 5-year-contract ending next year.

The decision comes as no surprise as this year’s F1 race saw ticket sales falling by 15%. Each year, Singapore pays 60% of the total bill for a F1 race at S$90 million of S$150 million. There is however no profit projection except for losses over the 5-year contract, as “dividends” for Singapore is termed as “prestige for hosting the international event”.

The British billionaire then hit at the Singapore government saying that the latter has profited much from the F1 race despite massive costs.

“Yes, the Grand Prix has cost Singapore a lot of money, but we’ve also given them a lot of money. Singapore was suddenly more than just an airport to fly to or from somewhere. Now they believe they have reached their goal and they do not want a Grand Prix anymore.”