Singapore govt backing F1 bid

The Singapore government has given its backing to the country’s bid to host a Formula One race, raising speculation that the island republic could be in line for a place on next year’s calendar.

Speaking in the Singapore Parliament on Monday, Minister of State for Trade and Industry, S. Iswaran indicated the government would supply funding in order to bring the world’s leading motorsport to the country.

“An F1 race is a major financial undertaking for any business venture. It will require the government’s financial and other support to be commercially viable,” he said.

“The government is willing to support such a venture up to a level commensurate with the broader benefits to the economy.”

Iswaran believes staging a Formula One event would be incredibly beneficial to the country.

“Formula 1 is the third-most watched sporting event in the world, after the Olympics and World Cup. It is also a glamorous event – one that is attended by sports and entertainment celebrities alike,” he added.

“The attention and ’buzz’ that F1 generates will expose Singapore to a very different audience from that in the business and financial world.

“It is a group we currently do not reach out to. An F1 race could also bring about broader tourism benefits and spill-over gains for associated industries.”

However, he insisted financial support for the race would also have to come from other sources.

“It is not a venture we will support at all costs and, certainly, the government cannot do this all alone without the strong support of key stakeholders and interested businesses, including hoteliers,” Iswaran said.

Singapore’s Today newspaper reported last weekend that a deal to hold a race in Lion City is close to completion and could take place in April or August next year.

It has been suggested that the race would be held at night on a street circuit in Singapore’s downtown area.