Formula One: Singapore extends contract to host night race until 2021

A man walks near decorations for the Singapore Formula One Grand Prix in Singapore on Wednesday

Now into its 10th edition, the Singapore Grand Prix is the sport's first night race and has been a successful and unique blend of F1 action, its party atmosphere and business networking opportunities.

Officials said on Friday that the cost of hosting the race has been reduced to S$135 million ($100 million or 84 million euros).

France has enshrined in law that big sporting events must be free-to-air, so the French Grand Prix fits into that category.

Carey said India should have a Grand Prix considering its rapid growth as a nation.

"We're proud of the race, we have a good relationship and our goal is to get to a place where we build on that partnership long-term".

This new deal has come about thanks to the return of the French Grand Prix, with Paul Ricard set to host the race when it rejoins the calendar in 2018.

"The Singapore Grand Prix is a signature Formula 1 race and therefore we are very pleased that it will continue to feature on the calendar for a further four years", said Chase Carey, Chairman and CEO of F1.

Essential to building the world's fastest vehicles, Formula One technology has been sought-after by various global industries and is closely monitored by racing fans who attend the annual Singapore event, which was Asia's first-ever street circuit.

Meanwhile, Lionel Yeo, Chief Executive of the Singapore Tourism Board, stated that the race has provided an excellent platform for businesses to test bed new lifestyle initiatives and products. Aside from being a street race, the Singapore GP is also known for holding a strong line-up of concerts as well as other entertainment shows.

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