March 29th, 2007 at 1:23 pm

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March 29, 2007
Green light for S’pore F1 race could come as soon as tomorrow
By Marc Lim
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SINGAPORE’S race to host a leg of the Formula One series could come to a winning finish as soon as tomorrow.

The Straits Times understands that an announcement that Singapore will stage a race is imminent - at the latest, it will be made next week.

Sources, who spoke on condition of anonymity, said yesterday: ‘There are just a few loose ends left in the deal to tie up. An announcement could be made as soon as Friday.’

It is also understood that a meeting between the various agencies involved, both from the Government and private sector, was held yesterday.

If finalised, the deal will end two months of intense speculation, and put Singapore on the map as one of the hosts for the world’s most popular motor-racing event - thousands of fans turn up for each race, and millions more watch it on television.

Negotiations on hosting the race kicked into high gear two weeks ago, when F1 supremo Bernie Ecclestone flew into Singapore to meet hotel tycoon Ong Beng Seng, the man behind the F1 push, and government officials.

Then, comments from ministers added to the buzz.

Dr Vivian Balakrishnan, Minister for Community Development, Youth and Sports, said last week that some Government help would be needed to stage the event, and that it was willing to do so.

He added: ‘But I’m not willing to divulge all details. I hope that in the next few days, weeks, we’ll hear some good news.’

Then, on Monday, Senior Minister Goh Chok Tong commented that Singapore could learn from Bahrain, which hosted its first race last year.

He told Bahrain’s visiting Crown Prince, Shaikh Salman bin Hamad Al-Khalifa: ‘The Bahrain Grand Prix made history as the first Formula 1 Grand Prix held in the Middle East.

‘Here in Singapore, we are trying to ensure Formula 1 gets started by some time next year. I think we can learn a few lessons from you on how to attract Formula One here.’

The next day, The Straits Times reported that F1’s Red Bull racing team would send one of its drivers, Australian Mark Webber, to Singapore on Saturday to test the proposed circuit, which begins at Raffles Avenue and loops around the financial district and Suntec City.

It is understood that negotiations to host the race started late last year.

It is estimated that $100 million is needed to stage it.

Sanctioning fees to host F1 races would cost about US$35 million (S$53 million) per race. The rest will be logistical costs, like setting up a street circuit and temporary stands.

marclim@sph.com.sg