Singapore Grand Prix organisers say F1 talks still ongoing

Singapore GP (SGP), the organisers of the Singapore Formula One Race, confirmed today, that talks on continuing the Formula 1 Singapore Grand Prix for a second term, are still ongoing.

The first five-year deal to host the race, starting in 2008, ends with this year's event.

SGP in a statement revealed that what is presently on offer from Formula One Administration is insufficient for them to commit to a full five-year extension.

Negotiations have been going on for almost a year, and SGP has been trying to cement terms that offer commercial viability for the full five years.

Singapore Tourism Board in a written response to MediaCorp, also confirmed that the negotiations are on-going.

This was mentioned by Second Minister for Trade and Industry, S Iswaran in an update to Parliament on Monday.

Mr Iswaran had said that Singapore hopes to see a mutually agreeable outcome soon.

F1's chief Bernie Ecclestone had earlier been quoted in the TODAY newspaper as saying the contract extension was all set.