Singapore will host F1 races until 2021

Sep 15, 2017 - 9:18 AM Singapore will continue to host Formula One races until 2021 after agreeing on a four-year deal on Friday.

The street circuit, which has unique appeal as a night race, first hosted a race in 2008.

"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.

"The Singapore race is clearly a signature event, the spectacular skyline of Singapore lit up at night (with) a crowd that's truly from around the world. It's really our gateway into Asia, which is an incredible region to our future and our growth."

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

Carey has big plans to expand F1's reach, both in terms of adding more races and increasing its digital appeal, an area largely neglected by Ecclestone.

"We're in the early days of the plans we have for the future," Carey said. "Asia is tremendously important. Asia and the Americas are truly unique opportunities for us."

The Singapore GP has generated $S1.4 billion ($A1.3 billion) over the past decade.

Officials said on Friday that the cost of hosting the race has been reduced to $S135 million ($A125 million).

Source: AAP