SINGAPORE: Negotiations with the organisers of the Singapore Grand Prix about whether the event will continue after this year are ongoing, the new chairman of Formula One (F1), Chase Carey, said on Wednesday (Sep 13).
"We’re actively engaged with our partnership," said Carey, who took over from former F1 supremo Bernie Ecclestone six months ago.
"It’s our goal to reach a new deal that enables us to continue to hold the race here. We have a working relationship, but we haven’t concluded the deal yet."
He added: "We’re having positive discussions and it’s certainly our goal to iron out a deal that works for both of us."
On the sidelines of a conference held at the Ritz Carlton Hotel, Carey declined to comment on the progress of the F1 discussions.
"The contract discussions are best held in private," he said. "In business, it is best if those details are held in private and only when we’ve reached the end point do we describe how we got there."
However, he stressed the importance of Singapore in the race calendar.
"Singapore's a very important race for us; in many ways it’s a gateway for us to Asia," said Carey. "There is a lot of what is in the race here (which is) a reflection of what we want (F1) to be around the world.
"We have the week-long events with the race as the centre, plus we talk about having destination races and Singapore is that as well."
In response to Channel NewsAsia's queries, the Ministry of Trade and Industry (MTI) would only say it is "in discussion" with F1, and is "carefully considering several issues".
"More details will be shared when ready," said an MTI spokesperson.