ncr
08-03-07, 11:30 PM
Govt to co-drive Singapore F1 bid (http://www.todayonline.com/articles/175587.asp#) - It will invest funds in the venture, says minister - TODAYonline, March 6, 2007
Ian De Cotta
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 yesterday, 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.
F1 chequered flag in sight (http://www.todayonline.com/articles/175136.asp) - Source confirms Singapore race is on next year's Grand Prix calendar - TODAYonline, March 3, 2007
Ian De Cotta
Singapore's bid to host a Formula 1 (F1) Grand Prix race may clear the chequered flag as early as next week. Sources told Today that the Republic is expected to host an F1 race — either in April or August next year. One scenario is for an update on this hugely-anticipated event to be made in Parliament during the Committee of Supply debate on the budget for the Ministry of Trade and Industry, which oversees Singapore's new tourism initiatives. Speaking on condition of anonymity on Friday, a source close to the negotiations said: "I can confirm that Singapore is on the calendar next year and it could either be the third race of the season, or towards the end of the season in August." Everyone involved in the deal is bound by non-disclosure rules.
The race, if it happens, may be a night race on a street circuit in downtown Singapore. Revving up interest in the final lap of this race to host one of the world's most prestigious sporting events, Today was told that F1 supremo Bernie Ecclestone, who holds the rights to the race, may be passing through Singapore soon. This would coincide with his planned trip to the first race of the season in Melbourne on March 18. It was Mr Ecclestone himself who first revealed exclusively to Today, in January, that he was in negotiations with businessmen and authorities in Singapore to stage a race here.
Two prominent businessmen — hotel and property tycoon Ong Beng Seng and luxury marina club developer Arthur Tay — have been battling for the rights to the race here. Even at this stage, it is unclear if there will be a clear winner or if both men might eventually cross the finish line as partners in this venture. Speculation that the F1 deal had been sealed reached a peak on Friday, after shares in Mr Ong's flagship firm, Hotel Properties Limited, jumped more than 9 per cent, bucking an overall slump in the stock market. Analysts, however, attributed the surge to interest by a major property developer in purchasing HPL shares owned by Mr Ong's in-laws. HPL, they pointed out, was not involved in talks to secure the Formula 1 deal. That deal, if it comes to fruition, is likely to be a personal business venture for Mr Ong. —
Ian De Cotta
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 yesterday, 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.
F1 chequered flag in sight (http://www.todayonline.com/articles/175136.asp) - Source confirms Singapore race is on next year's Grand Prix calendar - TODAYonline, March 3, 2007
Ian De Cotta
Singapore's bid to host a Formula 1 (F1) Grand Prix race may clear the chequered flag as early as next week. Sources told Today that the Republic is expected to host an F1 race — either in April or August next year. One scenario is for an update on this hugely-anticipated event to be made in Parliament during the Committee of Supply debate on the budget for the Ministry of Trade and Industry, which oversees Singapore's new tourism initiatives. Speaking on condition of anonymity on Friday, a source close to the negotiations said: "I can confirm that Singapore is on the calendar next year and it could either be the third race of the season, or towards the end of the season in August." Everyone involved in the deal is bound by non-disclosure rules.
The race, if it happens, may be a night race on a street circuit in downtown Singapore. Revving up interest in the final lap of this race to host one of the world's most prestigious sporting events, Today was told that F1 supremo Bernie Ecclestone, who holds the rights to the race, may be passing through Singapore soon. This would coincide with his planned trip to the first race of the season in Melbourne on March 18. It was Mr Ecclestone himself who first revealed exclusively to Today, in January, that he was in negotiations with businessmen and authorities in Singapore to stage a race here.
Two prominent businessmen — hotel and property tycoon Ong Beng Seng and luxury marina club developer Arthur Tay — have been battling for the rights to the race here. Even at this stage, it is unclear if there will be a clear winner or if both men might eventually cross the finish line as partners in this venture. Speculation that the F1 deal had been sealed reached a peak on Friday, after shares in Mr Ong's flagship firm, Hotel Properties Limited, jumped more than 9 per cent, bucking an overall slump in the stock market. Analysts, however, attributed the surge to interest by a major property developer in purchasing HPL shares owned by Mr Ong's in-laws. HPL, they pointed out, was not involved in talks to secure the Formula 1 deal. That deal, if it comes to fruition, is likely to be a personal business venture for Mr Ong. —