[SINGAPORE] A review committee has found that the government’s interests “were sufficiently safeguarded” in its current Formula 1 (F1) contract.
The terms of the deal had a “fair and reasonable exchange of commercial obligations and benefits” between the government and Singapore GP (SGP), said Deputy Prime Minister Gan Kim Yong in a written response to a parliamentary question on Wednesday (Oct 15).
The Singapore Tourism Board (STB) convened the independent committee in 2024 to review the terms of its current contract with SGP for the Singapore Grand Prix 2022 to 2028.
Gan said the economic benefits of F1 that accrued to Singapore outweighed the costs, while the foreign visitorship and incremental tourism receipts that the Republic received “exceeded targets”.
Races in the current term have also “thus far performed well”, he said.
“The review committee assessed that the Singapore Grand Prix continued to grow in relevance and importance to Singapore, and hosting the F1 race continued to elevate Singapore’s international branding,” he said.
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Gan added that the review also found the government was “diligent, rigorous and careful” in approaching the F1 project, and no irregularities were observed.
Nevertheless, he said the committee had identified ways to enhance existing processes between STB and SGP, to further safeguard the government’s interests; it had also identified areas of improvement for “any future renewal” of the F1 project.
Gan said the report of the review committee “will not be published due to business confidentiality”.
