Mutually beneficial outcome possible for F1 S’pore race stakeholders

SINGAPORE: Second Trade and Industry Minister S Iswaran said there is potential for all Formula One Singapore night race stakeholders to arrive at mutually beneficial terms.

He spoke on the possibility of extending the race for another five years beyond the current five—year deal with Formula One Management.

"We don’t want to force—fit the solution. I think we need to give them time — it’s a deliberate process, a measured one and we want to give them enough time to find an appropriate outcome," said Mr Iswaran.

Mr Iswaran spoke on the sidelines of the unveiling of this year’s Formula One Singapore race trophy, and the crowning of the Grid Girls contest winner, 21—year—old Ashvin Sandhu.

He said all parties involved have to work through their own priorities when it comes to what they want to see if more Singapore races are to be held in future, and added that there are no particular stumbling blocks in reaching a deal.

Mr Iswaran said that it was not the intention of the parties involved to drag on when it comes to deciding on the extension. He said he also hopes to see more efforts to bring the Formula One race to the community in the coming years.

—CNA/ac