Singapore will host Formula One races until 2021
- Author: Lawrence Cooper Sep 17, 2017,
Sep 17, 2017, 0:25
Officials said on Friday that the cost of hosting the race has been reduced to S$135 million ($100 million or 84 million euros).
The Indian Grand Prix went off the calendar after three editions from 2011, largely due to the serious financial problems faced by promoter Jaypee Group and the red tape around the event.
"We are incredibly happy to announce this extension and very proud of our partnership", F1 chief executive Chase Carey said at a news conference at the racetrack.
While Monza was the shortest race on the calendar in terms of time to complete, Singapore is at the opposite side of things with the longest lap time and the most corners  out of all of the circuits on the calendar.
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"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".
The Formula 1 Series continues the 2017 season on Sunday with the running of the Singapore Grand Prix.
While Singapore has signed on for another four years, neighbouring Malaysia is about to hold its last grand prix after cancelling the race citing rising costs.
Carey called the race "most thrilling" as debuted in 2008, Singapore GP is the first ever night Grand Prix and one of the most attractive races.
"We are looking forward to offering our continued support to make the next four years even more spectacular and exciting". 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. The kerbs are high and harsh, the road is extremely bumpy in certain locations, and despite the race taking place at night, heat can play a huge role.