Friday, May 11, 2007

Lights dim on Singapore F1 hopes

The chance that Singapore will host its first Formula One race next year looks remote because organisers and the government cannot agree on how to fund the US$70mil event, a local newspaper reported yesterday.

Quoting a source familiar with the talks, the Straits Times said negotiations between Singapore tycoon Ong Beng Seng, who controls resorts developer Hotel Properties, Formula One supremo Bernie Ecclestone and the city-state's government were stuck.

“He (Mr Ong) wants the government to foot a large part of the bill, but the government thinks that it is unwise,” the newspaper quoted its unidentified source as saying.

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Source : STAR
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