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Singapore Grand Prix extends Formula 1 until 2021


The Indian Grand Prix went off the calendar after three editions from 2011, largely due to the serious financial problems faced by promoter Jaypee Group and the red tape around the event.

"We are incredibly happy to announce this extension and very proud of our partnership", F1 chief executive Chase Carey said at a news conference at the racetrack.

This new deal has come about thanks to the return of the French Grand Prix, with Paul Ricard set to host the race when it rejoins the calendar in 2018.

The motorsport series came under new ownership this year when the USA sports and entertainment firm Liberty Media bought out investment fund CVC Capital Partners, and Carey ended Bernie Ecclestone's reign lasting almost 40 years.

Essential to building the world's fastest vehicles, Formula One technology has been sought-after by various global industries and is closely monitored by racing fans who attend the annual Singapore event, which was Asia's first-ever street circuit. "We have so far not got a chance to engage in depth yet, it has only been a little over half a year since the complete change in ownership", said Carey in response to a PTI query.

The night race, which takes place on the Marina Bay Street Circuit, will continue as part of the Championship as one of the most attractive and spectacular races, the organisers said on the official F1 website, reports Efe.

The Singapore GP has generated 1.4 billion in Singapore dollars (about $1 billion or 870 million euros) over the past decade.

And the Singapore Tourism Board were also more than happy to promote their city by night.

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