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As the drive to bring a Formula 1 (F1) race to Singapore's streets next year enters its final few turns, the Government has stepped on the accelerator, promising a cash injection.
Speaking in Parliament on Monday, Minister of State for Trade and Industry S Iswaran said: "An F1 race is a major financial undertaking for any business venture. It will require the Government's financial and other support to be commercially viable.
"The Government is willing to support such a venture up to a level commensurate with the broader benefits to the economy."
Of course, commercial terms between the potential race promoter and the F1 group still needed to be ironed out, said Mr Iswaran, who made it clear that the Government would still have to look at the cost involved when it offered its support.
In an exclusive report in January, TODAY revealed that the sport's commercial rights holder, Mr Bernie Ecclestone, was in talks with two parties — hotel and property tycoon Ong Beng Seng and luxury marina club developer Arthur Tay — to bring an F1 race to Singapore.
Last Friday, sources revealed the Republic could host the third leg of the series in April next year, or a race sometime in August.
Mr Iswaran indicated that the Government wanted to support the event as part of its effort to add "buzz" to Singapore and position it as a truly global city.
"That is why we are taking a very serious look at hosting a Formula 1 Grand Prix in Singapore," said the minister.
"Formula 1 is the third-most watched sporting event in the world, after the Olympics and World Cup. It is also a glamourous event — one that is attended by sports and entertainment celebrities alike."
When Bahrain, a country with a population of just 900,000, first hosted F1 in 2004, it reported tourism receipts of around US$100 million ($153 million) from 35,000 foreigners who visited it during the week of the race.
Mr Iswaran added that F1, which commands an annual global television audience of over 850 million, will also give Singapore access to an untapped market.
"The attention and 'buzz' that F1 generates will expose Singapore to a very different audience from that in the business and financial world," he said.
"It is a group we currently do not reach out to. An F1 race could also bring about broader tourism benefits and spill-over gains for associated industries."
A source close to Mr Tay's camp welcomed the news. "It means the race will definitely come to Singapore," he said. He added that a meeting between the authorities and the two bidding camps was expected to take place "very soon" to chalk out the next step. - TODAY/fa
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