SINGAPORE -- The Singapore Grand Prix will stay on the Formula One calendar through 2017 after an agreement was struck between the national government and F1 supremo Bernie Ecclestone.
The two parties made a joint announcement on Saturday, after long negotiations over the price of the hosting rights for a race that has quickly established itself as one of the most popular stops with fans and teams alike.
"We are all here for another five years," Ecclestone said. "All of us like being here, which made it difficult for me to negotiate with the minister."
Singapore trade and industry minister S.Iwsaran said the terms of the new deal included "significant reductions in cost to the Singapore government" but neither party was prepared to say if Formula One Management had reduced the price of the hosting rights, which vary from venue to venue.
"I always believe these questions should not be asked," Ecclestone said. "A gentleman should not talk about money or last night."
The new Singapore agreement answers one of the questions about next year's provisional calendar, with contract negotiations over the German and Korean grands prix continuing, while the new track in New Jersey is still under construction ahead of its earmarked June 2013 debut.