F1 CEO says goal is to extend race in Singapore

Negotiations are on with organizers in the city to "continue to bring this great sport to Asia and Singapore", Formula One Chief Executive Officer Chase Carey said in an interview with Bloomberg Television's David Ingles.

The race, which takes place on the floodlit Marina Bay Street Circuit that winds its way through the heart of Singapore against a backdrop of glittering skyscrapers, remains one of the most glamorous on the 20-round calendar.

"It is certainly a spectacular setting with the city lit up, racing through the streets, a race we are proud of", said Carey for whom last year's Singapore round was the first race he attended, only days after Liberty Media agreed its purchase of Formula One.

Carey met Honda executives at this month's Italian Grand Prix and said they seemed excited about the future of Formula One, despite the company's troubled return to the sport.

While Carey remained coy on the details that needed ironing out and a timeline to conclude talks, he lavished praise on the event that is into its final year of a previous deal.

Singapore's Ministry of Trade and Industry said in an email it's in talks with Formula One to renew the contract.

"Singapore is one of the gateways into Asia and it's incredible story of growth in the last 50 years had captures the world's attention".

"If you're standing still, you're going backwards".

"Singapore anchors our Asian strategy, it is the signature race for Asia", he said.

"We will re-energise TV coverage with graphics and sounds, and make the sport more understandable".

Also in the works is a simplification of the penalty structure to avoid the mess in the Monza race in Italy two weeks ago that saw nine drivers sanctioned a total of 150 grid places, mainly for technical infractions. "You want it to be a sport about drivers and great competition that utilises state-of-the-art competition".

"We had a race in Korea, we had a race in India, but they were very much one-offs, deal of the day, as opposed to a commitment to really build and grow a sport", he said.

  • Ricardo Clara