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.
Source : STAR
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