The Singapore government is still yet to fully agree to terms that will see the metropolis continue to stage its Grand Prix beyond the end of the 2012 season.
And despite F1 supremo Bernie Ecclestone picking the former colony as the location to publically float the sport on its stock exchange, the country’s officials are no longer willing to stump up “top dollar” rates – believed to be over $40 million per year in sanctioning fees alone – to host the race.
Channel NewsAsia is now reporting that a new deal will only be accepted if it is “economically viable” for the state. Its current sanctioning fee is “roughly twice” that paid by its neighbour, Malaysia, to host its Grand Prix at the Sepang International Circuit.
"We hope to see a mutually agreeable outcome soon," said the country’s trade minister, S Iswaran, is quoted as saying.
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