“What is presently on offer from Formula One Administration is insufficient
for us to commit to a full five-year extension.
“Negotiations have been ongoing for almost a year.
“SGP has received a formal renewal notice from Formula One Administration to
confirm their wish to continue running the night race for a further five
years.
“Since then, SGP has been in talks to cement terms that offer commercial
viability for the full five years.
“We remain hopeful at reaching an outcome that is mutually beneficial to all
parties.”
Since its debut in 2008, the Marina Bay Street circuit night race has become
one of the most popular on the calendar.