Singapore undecided over new F1 deal beyond 2012

UPDATE Ecclestone has said he would like the Singapore race to be staged for the next 20 years at least, but the Singaporean government was less breathless when quizzed of its future.

The five-year deal to host the race runs until 2012 and the government said a thorough cost and benefit study would need to be conducted before any decision was made about an extension.

"We've gone through three quite different years in our experience with F1," Senior Minister of State for Trade and Industry S. Iswaran told local media.

"They give us a good set of data points from which to assess the F1. We want to make sure the economic benefits are justifiable going forward. I would say the decision to proceed will rest on a robust cost-benefit analysis, and clearly the terms on any deal we get going forward."

The race is likely to get the thumbs up from the hotel industry with hotels reporting 90 percent occupancy for the grand prix week, Singapore daily the Straits Times reported.

09/26/10 (GMM) The Singaporean government is yet to decide whether to extend its formula one race contract beyond 2012. Earlier this weekend, F1 chief executive Bernie Ecclestone said he would be happy if the sport continued to return to the Asian city-state for another 20 years.

Singapore, which became F1's first night race in 2008 with a five-year deal, has become a highlight of the annual calendar.

But senior minister of state S. Iswaran said on Sunday the government would need to weigh up the costs and benefits before making a decision about the future of the event.

"We want to make sure the economic benefits are justifiable going forward," he told reporters at the Marina Bay circuit on Sunday night.

"I would say the decision to proceed will rest on a robust cost-benefit analysis, and clearly the terms on any deal we get going forward," Iswaran added.

Local reports said the current deal includes a two-year option.