Formula 1’s Singapore Grand Prix is slated for at least seven more years as part of a new deal that runs from 2022 to 2028.
Singapore’s estimated annual cost for hosting Formula 1 is $100 million, according to Channel News Asia. Host organizers Singapore GP Pte. Ltd. and the Singapore Tourism Board reportedly paid $35 million per Grand Prix in the previous contract, which ran from 2017 to 2021.
The race has reportedly generated more than $1.1 billion in tourism receipts, according to event organizers. This year’s event will take place on Oct. 2.
As part of the deal, the hosts have agreed to a number of changes.
- The events will switch to renewable energy sources and focus on recycling.
- Singapore will conduct a sustainability audit to ensure it’s following Formula 1’s sustainability goals — Formula 1 aims to be net zero carbon by 2030.
- The hosts said they will also focus on community relations, diversity, and health and safety.
Pandemic Hurdles
The contract comes after the event’s two-year absence due to the COVID-19 pandemic. Singapore only had around 330,000 visitors last year, a steep decline from 19.1 million in 2019. The F1 pit building was also used as a temporary location for coronavirus patients.
Transport Minister S. Iswaran said in a statement that the event’s renewal will “sustain Singapore’s reputation as a global city.” The event has taken place since 2008.
